as far as purchasing first home, loans, grants and is there anything that can be done if proof is provided that veh was auctioned off and the remaining balance was/is paid can a notation of this be notated in credit report???
Originally posted 2009-04-14 22:26:25.
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it doesnt matter, if the vehicle was reposessed it will count against you on a credit report.. it would be like defaulting on your mortgage, and them having to foreclose and you getting a refund on the difference from the auction.. its not a good thing to have on your record.
You get bad credit from that just like not paying a cc or any other bad mark on your credit report. Just work on paying your bills and try to rebuild your credit. Hang in there- everyone is going through tough times.
It doesn’t matter if there is proof that it was auctioned off-it will show up on your credit as a repossession which will really make your credit poor.
If you have had anything repoed they think long and hard about giving you a loan. If it has happened more than one time they get real sticky with their money. (Don’t want to let you have it)
Try to dispute the charges, as not mine try this up to 2 times it should fall off your credit report if not send them a dispute letter to prove it.
this happened to me, if your credit is fairly good, they won’t look at the paid off repo, because it is paid off. I know, I’m buying a house right now and the repo shows on my report, but it also shows as being paid. just work on the items that do look bad, so the repo don’t stand out with the bad stuff.
A repossession without a bankruptcy is one of the worst things that can show on a persons credit.
But, if as you say the vehicle was auctioned and you paid the balance, this should show on your report as paid with $0 balance.
While the fact that you had a repossession will still cost you massive amounts of points in score, the fact that it shows as paid will help when you apply for credit in the future.
repossession is a black mark on your record however it does not have an everlasting effect on you,but it will hurt lenders look at you as a very high risk which can effect your getting another loan for awhile.if you cant afford your car anymore see if the bank will help you.sometimes they’ll by them back and reduce the amount owed,but it will not erase your dept completely.but this will be your best bet if you need to get out of your loan now.
If the bank had to come and repo your vehicle because you didn’t pay them, do you think a bank will trust you with ANOTHER loan?