I brought a used car with a 2yr. warranty the car broke down and i only had the car for 23days,and the first payment isn't do yet i dond't wont the car now but they said i will get a repo on my credit report.
2007-09-03 08:48:09 · 5 answers · asked by quantay f 1 in Business & Finance ➔ Credit
Auto finance is what I do for a living and yes it will show as a repossession.
This is one of the worst things that you can have on your credit report without a bankruptcy to explain it.
Your best bet is going to be to use your warranty and get the car fixed.
2007-09-04 03:03:08 · answer #1 · answered by ? 7 · 0⤊ 0⤋
can it not get fixed under the warranty? if you're in texas you can go get whatever money you paid for the warranty and actually get that back minus however many days worth you had the car and lose the warranty...as for letting them take it, yes the car is yours now it'd be a repo, you can call the bank with the loan and let cooperate with them to give it back....what usually happens is it gets sold in auction and whatever money they don't get to recoup the loan amount they hit you for. you don't pay that, then the loan defaults
2007-09-03 10:43:00 · answer #2 · answered by Matt M 4 · 0⤊ 0⤋
why not just use the warrenty? Make them fix it and provide a free rental. Otherwise, yes, it would be a reprosession on your credit report, unless you can pay the difference between the little they will sale it for the second time and the huge amount you paid for it.
2007-09-03 08:53:47 · answer #3 · answered by dragonbot 2 · 1⤊ 0⤋
Check the fine print in your sales agreement.
2007-09-03 09:55:10 · answer #4 · answered by jdkilp 7 · 0⤊ 0⤋
Yes it would, unless you somehow qualify under a lemon law in your state.
2007-09-03 09:20:13 · answer #5 · answered by Judy 7 · 0⤊ 0⤋