Because of not staying on a job long, and not making enough money on those jobs to pay a $461.64 car note and making $278 or a little under on the job. I know that i will a charge off repossession balance on my credit report, will this affect me getting another car and a home one day?
2007-02-22 06:43:05 · 6 answers · asked by Nikki C 1 in Business & Finance ➔ Careers & Employment
Yes it will affect your credit if the car is repossessed. You may still end up owing more than just the car also. The best thing to do is sale the car and pay the amount on the loan. If it does not cover the entire balance, you will still owe the difference, but that is also true if they repossess and sale.
2007-02-22 06:48:24 · answer #1 · answered by Jen 3 · 0⤊ 0⤋
You might want to get another job where you are financially stable or capable of maintaining your car note payments. You really don't want repossession of the car because you'll be reducing your credit score thereby paying more money for another car or a house.
If you don't have any other choice but having the auto loan company repossess the car, then you can buy a used car where credit scores are not usually checked, or at auction garage or look for other means of rebuilding your credit like getting a credit card where you can make a monthly fee of $50-$100 that can boost your credit score as long as you are not late in pymt. GOODLUCK********
2007-02-22 15:17:34 · answer #2 · answered by dalov4u 2 · 0⤊ 0⤋
Um YES it will affect you--and not in a good way. If your car has not yet been repossesed, SELL IT IMMEDIATELY. If they reposses it they will sell it for cheap to their used car lot, and they will deduct that amount from your loan that you owe. But you will still owe the rest of the loan even though you won't have a car!! So sell it yourself for as much as you can and use that money to pay down the loan as much as you can. You'll still be in the hole, probably, but you'll be better off than if they repossess the car.
If they already repossessed it, set up a payment plan. They will probably be glad to work with you, like credit card companies do when you can't pay. It's better than them getting nothing. And it's WAY better for your credt report. Pay what you owe--avoid charge offs at any cost or your credit will be terrible for years and years.
2007-02-22 14:49:59 · answer #3 · answered by lizzgeorge 4 · 0⤊ 0⤋
Yes it it will affect you.Here is the correct answer.. Certain "Large" debts that are not paid are weighted differently than a credit card. A repo or a foreclosure will remain very negative for between 24-36 months after it was charged off.. after that its still on the credit report. However it is not as important to lenders anymore.
2007-02-23 09:30:29 · answer #4 · answered by DARRELL J 1 · 0⤊ 0⤋
Sure, one of the questions asked on credit applications is whether you have ever had an item repossessed.
2007-02-22 14:50:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
it will effect your credit score tremendously...you wont be able to finance anything for 7 years until this reposession clears off of your record....you could possibly get finance through another place but your finance rates will be so high you cant afford it...i would get a good job, save for a while and try hard to be more prepared for your next big purchase
2007-02-22 14:52:54 · answer #6 · answered by beachnut222000 4 · 0⤊ 0⤋