I had my car repo'ed a couple nights ago and I don't really want it anymore so what happens to me? credit score? buying car again?
2007-02-08 01:29:22 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Other - Cars & Transportation
My credit was already f@$!*d, I was only one payment late. But I heard that if I chose not to re-aquire my car again I would still have to pay off what I owed. Is that correct?
2007-02-12 01:12:22 · update #1
Your score and credit will take another hit for the worse and you may still have to pay for the car.
You can be responsible for any amount that is not paid off when the car is sold.
If it is sold at auction,they have to take the highest bid-but there have been rumors that some auctions have been rigged so the cars sell for less than they should have and then sold for a huge profit.
2007-02-13 14:46:24 · answer #1 · answered by Ralph T 7 · 0⤊ 0⤋
I once grow to be paying for a automobile and my pay day grow to be 3 days after the motorcar word grow to be due, so I usually paid it about 5 days previous due and it not in any respect affected my credit. I have heard those horror thoughts and am not particular what grow to be occurring there, yet usually try to be 2 or 3 months in the back of in automobile funds before they're going to be repossessed.
2016-12-03 21:44:10 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I think it is a fair assumption that the reason for repo was you did not make the payments. Your credit already has been adversely effected. It will be difficult fo you to purchase another car - especially a new car - on credit.
2007-02-08 01:39:37 · answer #3 · answered by ThePerfectStranger 6 · 0⤊ 0⤋
YES they can hold you responsible for your loan regardless if they took it. The credit agencies will hold on to that info for 7 yrs. At the end of that time they will ask the bank if you still owe and the bank has the option to re-report you delinquency.
2007-02-13 01:29:12 · answer #4 · answered by noname 1 · 0⤊ 0⤋
your credit score is going to take a hit . in some states once the vehicle is surrendered to the company that is owed they cant go after you for any more money - but other states are different and you may end up paying for the recovery costs etc. etc.
2007-02-12 13:33:41 · answer #5 · answered by Kevi 4 · 0⤊ 0⤋
Your credit score is in free fall by the time the car is re-possessed.
2007-02-08 01:38:04 · answer #6 · answered by DelK 7 · 0⤊ 0⤋
never heard of any company holding a repo car for seven yrs if i read the ans right
2007-02-14 16:46:56 · answer #7 · answered by intruder12439 1 · 0⤊ 0⤋