We have a reposession on a car we had purchased. We got in over our heads and we will be much more careful next time with our money situtation! They sold our car but we still owe 10,000 dollars and we are going to try to settle with them and make payments but we are going to pay it off. Will It still look really bad on our credit when we pay it off?
2007-03-05 18:20:01 · 5 answers · asked by B 2 in Business & Finance ➔ Credit
Unfortunately, yes, it will. What you may be able to do is ask the company to be creative in the way they report it to the credit bureau, after you're well-established in paying the debt. Whatever you do, pay the amount you agree on on time. That will carry the most weight with them.
2007-03-05 18:25:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They will hose you at each and every opportunity. They sold the car at a below market price and may send a debt collector to go after you for the balance. Depending on your state, you may have rights and protection. Some states do not allow garnishment of checks for head of households or leins on homesteaded property. Knowing your rights is the first step into negotiating this debt. If they can't seize assets they might be willing to drop the negative credit data and also settle for a percentage of the debt. A lawyer might save you a bundle in this situation. BTW Dont trust a bill collector and communicate only in writing.
2007-03-06 00:57:26 · answer #2 · answered by Rico E Suave 4 · 0⤊ 0⤋
Yes unfortunately it will still look bad on your credit report but make sure you pay your repayment rates on time. That counts. Same with all your other bills
UH they don't have the car anymore... they have to pay the difference between how much they owed the creditors on it and how much the creditor sold the car for. It must've been a new car to lose 10k on the sale
2007-03-05 18:29:10 · answer #3 · answered by MIHAILESCUSORIN 1 · 0⤊ 0⤋
Yes, it will. A repossession is the third highest item which can damage your credit. The most damaging item is bankruptcy with foreclosure following in second place.
2007-03-05 19:40:31 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
YES............
THEY STICK YOU....
MIGHT BE BETTER TO LET THAT JUST GO AND PUT MONEY ON ANOTHER VEHICLE..
HATE TO SAY IT... BUT YOU TRY AND DO RIGHT THING AND
THEY AREN'T OUT ANYTHING...AND YOU STILL GET CREDIT HIT FOR 7 YEARS...
YOU PAY UP YOU GET SHAFTED BADLY AND THEY SMILE....
WHEN THAT MONEY CAN GO TOWARD ANOTHER VEHICLE YOU REALLY NEED.
2007-03-05 18:28:40 · answer #5 · answered by cork 7 · 0⤊ 0⤋