How will credit be affected after getting a car repo?

Answer 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 »

Top Q&A For: How will credit be affected after getting a car...

Is your credit affected negatively every time you run a credit check?

Your credit score is not negatively affected each time you check your own credit score, according to the Fair Isaac Corporation. Only credit checks that are initiated when you apply for new credit ... Read More »

Is my credit score affected if someone conducts a credit search on me?

Whether a credit search--called an inquiry--impacts your credit score depends on the kind of inquiry. A "soft pull," like the ones conducted by a company seeing if you pre-qualify for a credit card... Read More »

How Much Does Your Credit Drop For a Car Repo?

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 »

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 »