How Much Does Your Credit Drop For a Car Repo?

Answer Many people purchasing a car choose not to pay for the vehicle in one lump sum. Instead, the buyer finances his purchase by taking out a loan, using the vehicle as collateral. If the borrower fails... Read More »

Top Q&A For: How Much Does Your Credit Drop For a Car Repo

How many points will my credit score drop with a repo?

On One Hand: Probably 100 or SoAccording to, a repossession on your credit reports brings your score down by about 100 points. Repossessions are one of the worst things you can have on yo... Read More »

How will credit be affected after getting a car repo?

When you finance a vehicle, you agree to make the payments to your lender on time every month. If you do not keep up with your payment obligations, your lender can repossess your car. A repossessio... Read More »

How does a voluntary repo affect my credit?

If you cannot make loan payments, you have the option of voluntarily giving up your car, jewelry or other property to the finance company (voluntary repossession). Do this only after careful consid... Read More »

How long does a repo stay on a credit report?

A repossession will stay on your credit report for at least seven years. You can pay all of the charges from the repossession to make the account current. This will place a more favorable record ... Read More »