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I am 26 yrs. old and my car was repossessed in Feb. 2006. Will this stop me from being able to rent a car in the future? Also, do car dealers sell cars to people who have a repossession in their history?
Can a mastercard debit card be used as opposed to a regular credit card?

5 Comments »

1. 

   With a valid credit card, you can rent a car.

   Dealers will sell to people who have had a repossession. You may have to pay a higher interest rate, due to the increased risk the finance company is taking!

   Do you still owe money on the car first loan. In other words, was there a balance left when the bank sold the car? Have you paid this balance, or are making payments?

   Finance companies are much more likely to make a loan to someone who paid the outstanding balance after a repossession than someone who did not.

   When I was running a buy here pay here lot, I would finance someone with a repo (or two) if they had paid the deficiency balance on the account. This showed me they were serious about trying to do things right. If they never made an attempt to pay their previous commitments, I did not want to trust them to pay me!!

   Edit: some companies will accept a debit card, but you will need enough in the account to cover a rather large deposit! Call and ask rental companies in your area!

   Comment by fire4511 — May 27, 2010 @ 6:37 pm

2. 

   Rental companies require a major credit card. They do not check your credit.
   As for buying a car, if you finance yes they will check your credit.

   Comment by cdever5 — May 27, 2010 @ 6:37 pm

3. 

   sure, you can rent a car if you have a credit card and a drivers license.

   car dealerships will sell you a car, but your interest rates will be very high.

   Comment by Butterkup — May 27, 2010 @ 6:37 pm

4. 

   As long as you have a major credit card with your credit line in good standing, you can rent a car…But if you don’t have a credit card, you’re out of luck…There are several companies that will sell a car to people with repo’s on their record, but the price you pay is a huge interest rate…like 20% and up.

   Comment by brwnidbunny — May 27, 2010 @ 6:37 pm

5. 

   YES YOU CAN RENT A CAR BUT IT HAS MESST UP BUYING ONE INLESS YOU GET A CO SIGNER

   Comment by Antionette B — May 27, 2010 @ 6:37 pm

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