2007-11-29 11:47:32 · 8 answers · asked by Robert D 1 in Business & Finance ➔ Credit
When a financial institution reports an account to the credit bureau they also rate the account on a scale of 1-9. 1 means that the account is current, or the account was paid as agreed! 9 means that the account is a bad debt, or in the case of a car loan, a repossession. If the bank has written off the loan (on their books, this does not mean that you do not still owe the money) the account may be reported as a 9 (write off). Some people reading the report may interpret it as a repossession, even if the bank never got the vehicle!
2007-11-29 12:11:14 · answer #1 · answered by fire4511 7 · 2⤊ 1⤋
No...the debt will nonetheless be indexed on your credit document as unpaid. till you carry the mastercard up as much as now and then make funds on time, on the topic of the sole place you will get a vehicle loan is between the self-financing sellers with an exceedingly extreme interest value.
2016-12-30 06:43:41 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Yes and no...they don't actually put the car on your credit report, they put the existing amount of the loan you took out to buy the car on your credit report. So it won't say you owe them a car; it will say you owe them $25,000.00!!!
2007-11-29 11:51:32 · answer #3 · answered by MoneyMatt 4 · 2⤊ 0⤋
You bet. It might be repossessed even if you still have it. It belongs to them; they just have not picked it up yet.
And your credit report is trashed.
Next time you will be paying cash for a car.
2007-11-29 11:50:38 · answer #4 · answered by Anonymous · 1⤊ 2⤋
They can put a 30 day late, 60 day late, 90 day late, or a default on your credit report (or all of them depending on how mad they are).
John
2007-11-29 11:56:40 · answer #5 · answered by lorangj 3 · 0⤊ 3⤋
Yes, if you have defaulted on the loan. It doesn't matter where the car is.
2007-11-29 11:50:34 · answer #6 · answered by Anonymous · 1⤊ 2⤋
yes no matter how you look at it they still have the lien and its on your title its not wrote on top of the car HA!! HA!!! you can burn the car throw it in the river they don't care because its still registered at the courthouse as them as the lien holder
2007-11-29 11:56:41 · answer #7 · answered by kh50599 2 · 0⤊ 3⤋
they will put a lien on the car itself, wherever it is
2007-11-29 11:55:08 · answer #8 · answered by Anonymous · 0⤊ 3⤋