Just wondering about that and how it stays on your report.
2007-10-26 13:41:41 · 3 answers · asked by rwiamhere 3 in Business & Finance ➔ Credit
GNA, I like your answer, not only were you encouraging, not berating but you shared some useful info which I will look into. And my suv is not repo'ed yet, just wondering what I should do - and you helped me with my decision and it's with GMAC by the way. Thanks for your reply!
2007-10-26 14:25:57 · update #1
As stated, depends on who financed you. What I can share with you is expect at the very least - 50 points and if the lender was a bank, it can go up to 100 points total.
If the vehicle has not been repoed yet, many people don't realize it can be refinanced (yep, just like real estate) and if you've never been late, your credit score was above 600 when you purchased, the lender may allow you to refinance (which is a good thing if you're going to keep the vehicle) at a lower monthly rate and you'll only get hit for about 5 points on your score.
Talk to the lender before it gets to the repo stage, allow them to tell you a flat 'No' before you go the repo route.
2007-10-26 14:09:34 · answer #1 · answered by G N A 6 · 1⤊ 0⤋
Pretty substantially. Don't know the number or how long it stays on there, but I would guess 5-7 years.
2007-10-26 13:45:44 · answer #2 · answered by curtisports2 7 · 0⤊ 0⤋
A lot! You defaulted on a loan and it took the creditor a repossession to guarantee getting their money back!
2007-10-26 14:09:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋