If a car get's repossess due to over due payments, how long does it stay on your credit for?

Answer 1

7 years.
But that is NOT the worst part of the repo....
If and when your car gets taken, the bank (or auto lot) cleans up your car and sells it. Whatever they sell it for is deducted from your bill and you owe the rest.
For example, lets say your car gets taken tommorrow and you owe 5k. The bank will sell your car next month for about 3k then you will get a bill for 2k that they will try very hard to collect!
(meanwhile the bank president's daughter is riding around in your car that she got for 3k!)
If there is any way at all that you can keep your car, please do that.
Owing that extra 2k or whatever would keep you from getting another reasonably priced vehicle!

Answer 2

I personally can answer this question. It will stay on your credit for 7 years. My parents cosigned for me. A year later, due to financial and personal circumstances, my ford was repossessed. About a year later my parents filed bankruptcy and included the repoed ford. So now it does not look so bad. I have a copy of the repo for my records and to secure my credit. In October 2007 I can file with the 3 major credit bureaus to have it removed. I hope this helps.

Answer 3

Seven years from the time it is repossessed. Also, they will auction the car off at wholesale and aggressively pursue you for the difference.
Check out the web site below for good advice on your alternatives. Take the first bankruptcy training annonomously - it's free & it will give you the pros and cons of each alternative. This is a non-profit organization that does not sell anything and is not owned by creditors.

Answer 4

up to 7 years

Answer 5

It will stay in your credit record those 7 years already mentioned, every year you can check your credit report for free at https://www.annualcreditreport.com