Does it still hurt your credit if your car was repossessed but you then paid off the loan in full?

%REPLIES%%DETAILS% Answer Yes - but before you pay it off in full you can try get the finanance company to change what it says on your credit bureau by holding the payoff money up in their face - I would get any promises in writing. After you pay it off - your credit bureau says Repoed then paid off. It could look to another lender like it was paid off by the old company selling the car and you could get no credit for paying it off at all Answer I bought a 2002 ford focus a couple years ago, I had no credit cause I was only 18 years old.

I finally got approved through ford motor credit and about six or so months ago the car out of no where just broke. I pulled over and looked back all I seen was oil and the repair shop said it was a possible bad motor. I have had nothing but problems with the car the entire time I have had it (broken seat belt, cig lighter, ect.) it was just out of warranty so I was pretty much stuck between a rock and a hard place.

I decided just to have the car towed to the dealership and tell them I didn't want the car because I didn't have the money to get it fixed and what not. I then bought another vechile from a lady my dad knew and I made little payments til I paid it off and I heard nothing about my car. A couple weeks ago ford motor credit calls and I picked up they say I owe about 3600 and I told them I didn't have that kind of money and no one I knew did either.

The lady said I could make a big settlement and take 40 percent off that price to make it 2400 but that still didn't fit in my budget at all. I asked if I could save up and make the 2400 payment they said no. They said I could pay 150 towards the 3600 and when I wanted to settle pay have of what I still owe.

That sounded decent. I talked to my friend who is a bit older then me and has had this similar situation happen to him. He told me he didn't pay them a dime back and no matter what my credit is gonna be screwed up for a long time so don't bother paying them back.

The ford person said after my credit would be better, so I am not sure what I should really do. Would it be worth paying them or just saying forget you guys you have the car it broke whatever? And boths ways how would my credit look if I did pay or didn't pay?

To anyone who replies I thank you very much and appreciate your help I have to the 15th of July to decide Answer ....The same thing happen to me....I found out that the repo was hurting my credit. I waited three years before I contacted the collection. Six months after I made a settlement on the repo.

(Settle for 3000.00, repo was 6100.00) In the mean while I open a secured credit card and a unsecured card. Six months later my creit score jump and it is improving.

Many people know that there is the possibility that their possessions could be repossessed if they do not pay their bills. Cars are often the most thought of item that can be repossessed for failure to pay, but other items like furniture, boats, and other items paid in installments can be repossessed. The repossession, or repo, is also reported to the three credit bureaus.

Not only are you hit with negative marks for not making your payments on time, but a repossession will also be noted in your credit report as well. But, how long does a repo stay on your credit? When Does A Repossession Occur?

A bank or the financing company has the right to repossess, or take back, an item if you stop making timely payments. In the case of a car, boat, or other vehicle, your creditor even has the right to sell your debt to a third party who has the right to repossess the item as well. If you are behind on your payments, the lender can repossess your car without going to court or even giving you any advance warning.

In many states, your lender can repossess your items or vehicle as soon as you default on your loan or default on the lease. Your contract will specifically state what exactly is considered a default on your loan, but most banks consider a default when you fail to make the very first payment. But, it varies by state, bank policy, and type of item bought on credit.

Consumers should read their purchase contract carefully to know when they are in default. There is a little confusion and some conflicting guidance on how long does a repo stay on your credit. Defaulting on a loan, having a car repossessed, or making a late payment all stay on your credit reports for the same amount of time when the borrower reports them.

All negative marks including repo (except a bankruptcy) stays on your credit report for seven years. A bankruptcy stays on your credit file for ten years. Repossessions also have a much more severe impact on your credit score than just missing a payment or paying late.

Repossessions and defaults carry severe penalties to your credit score and can reduce them by one hundred points or more in one swoop. How long does a repo stay on your credit report? Make sure that you understand the severity of having an item repossessed.

The compounded negative impact on your credit score from not making payments, finally defaulting, and then having the item taken back by the lender will crush your score.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.

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