A friend has has his car repo for been one month behind his payment. They have asked him to pay 2 month payment in adance and plus a large fee. if choose to pay the total amount they asked for and get his car back, Does that goes into his credit history and affect his credit score?
2007-10-03 19:37:31 · 9 answers · asked by yami198373 1 in Cars & Transportation ➔ Buying & Selling
the repo will....if he decides to pay everything and get the car back then that too will go in his credit report...if he decides not to pay and let them auction the car or whatever they are going to do with it then it will really affect his credit and he is still responsible to repay any money not returned at the auction... for example if he currently owed $4,000 on the car and they repo it and auction it for $1,000 he still has to pay the $3,000 back without the car
2007-10-03 19:48:56 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Technically, they can repo if you are $1 behind 1 day late. The reality is they don't really want your car. Call honda back and see if you can find a supervisor there with some sense. Explain your dilemma to them, they may even have a program to ease the pain. Sometimes a car finance company will "roll" a payment to the end of the loan for a fee. The collectors themselves are heartless,uneducated people of a low caliber...you need to get above them. If that works out OK, then seriously consider saving and paying cash for your next car. That way when a bad event happens you don't have a loan company busting your chops, and it's cheaper,too.
2016-05-20 07:36:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The repossession will show on the credit report, as will the late payment(s). Must be a very strict creditor to repo for just 1 month behind. It is usual to pay for the cost of the repossession. However, I would suggest your friend read the original agreement. A creditor can, at anytime, call in the entire balance of a loan.
2007-10-03 20:08:09 · answer #3 · answered by tarbender_86 2 · 3⤊ 0⤋
Yes, the car had already be repoed. it's on his credit score. reguardless of what he does at this point, he failed to pay. This is why I never finance cars. to many problems with it and you really don't own it for the 3 to 6 years it's financed.
2007-10-03 19:45:54 · answer #4 · answered by gearnofear 6 · 1⤊ 0⤋
Then your 'friend' is pretty screwed up when it comes to managing money. Usually creditors can figure out when a person isn't capable before that person can and start to call in loans or raise interest rates, etc long before the borrower realises they have a problem.
2007-10-03 21:42:51 · answer #5 · answered by bestonnet_00 7 · 1⤊ 1⤋
if you are worried about your late payments affecting your credit score well they already have 'cos you have been late several times I don't think its your friend who is late I think it is you and are just wanting to avoid a lot of people giving you grief about being a bill dodger here is a plan pay your bills and get to keep your car
2007-10-03 19:56:35 · answer #6 · answered by Anonymous · 2⤊ 0⤋
The company has the right to report the deliquency to the credit bureau. Your friend should ask before he does anything else.
2007-10-03 19:45:00 · answer #7 · answered by Sheri2271 5 · 1⤊ 0⤋
most of the time ... yes... if they had it repoed then this is not the first time your friend has been late. chances are it has already done damage to his credit report before it was repoed.... :(
2007-10-03 19:44:25 · answer #8 · answered by Beri G 2 · 3⤊ 0⤋
It will affect his credit score. If he can't afford one month's repayment, what 's going to change so he can afford the next?
2007-10-03 19:54:47 · answer #9 · answered by Anonymous · 2⤊ 0⤋