Car was repossessed early 2006...can I rent a car?

Question

I am 26 yrs. old and my car was repossessed in Feb. 2006. Will this stop me from being able to rent a car in the future? Also, do car dealers sell cars to people who have a repossession in their history?

Can a mastercard debit card be used as opposed to a regular credit card?

Answer 1

With a valid credit card, you can rent a car.

Dealers will sell to people who have had a repossession. You may have to pay a higher interest rate, due to the increased risk the finance company is taking!

Do you still owe money on the car first loan. In other words, was there a balance left when the bank sold the car? Have you paid this balance, or are making payments?

Finance companies are much more likely to make a loan to someone who paid the outstanding balance after a repossession than someone who did not.

When I was running a buy here pay here lot, I would finance someone with a repo (or two) if they had paid the deficiency balance on the account. This showed me they were serious about trying to do things right. If they never made an attempt to pay their previous commitments, I did not want to trust them to pay me!!



Edit: some companies will accept a debit card, but you will need enough in the account to cover a rather large deposit! Call and ask rental companies in your area!

Answer 2

jeff, I hate to have to tell you this but your screwed. And in a pretty big way. To start with the banks going to go after whoever can or will pay the balance due and believe me the balance is going to stagger you. They're going to add legal, repo costs and storage to the balance of the loan. By law they'll auction it off but at best it'll go far below it's true, normal wholesale value simply because by the time it gets to an auction block it'll have been towed, very poorly handled, possibly even damaged, ransacked or have parts removed and not cleaned and dirty. If you don't pay they'll ruin your credit, get a judgement and they'll just sit back and wait until either or both of you come into money and they'll be there with their hands out and if the amount you end up owing after the auction is staggering wait until you see the amount a few years of a judgement collecting an absorbitent amount of interest will cost you. About the only legal recourse you can give a try is sueing your ex, but the chances of your winning and than collecting are slim to none. The banks will never let you off the hook, especially now that you both defaulted on the loan, which by the way is now and has from the time you co signed, basically your loan. Depend on their coming after you. It's only hers if she pays. And if you do go to court, even if you win it'll be almost impossible to collect and if niether of you pay your credit will be shot no matter what. The other thing is if you everr want to finance a car, the meer fact your credited with a repo will kill any hope of that happening. Loan companys will tolerate just about anything but a bankrupsy or a repo. No s_ _ t,..A credit company would be more forgiving of your shooting their rep guy than your cars being repossed. Sorry to have to tell you this.

Answer 3

As long as you have a major credit card with your credit line in good standing, you can rent a car...But if you don't have a credit card, you're out of luck...There are several companies that will sell a car to people with repo's on their record, but the price you pay is a huge interest rate...like 20% and up.

Answer 4

Rental companies require a major credit card. They do not check your credit.
As for buying a car, if you finance yes they will check your credit.

Answer 5

sure, you can rent a car if you have a credit card and a drivers license.

car dealerships will sell you a car, but your interest rates will be very high.

Answer 6

YES YOU CAN RENT A CAR BUT IT HAS MESST UP BUYING ONE INLESS YOU GET A CO SIGNER