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I have the money to pay off the 14000 dollars to get the car back. What happened was I moved two months ago I was on auto pay gmac and did not get the mailings to re enroll in autopay which apparently has to be done every 2 years. I plan to get the car back next week. My question is how can I build back credit so I can get a car loan and buy a house in the future?

4 Comments »

1. 

   Auto finance is what I do for a living and this sounds like a simple SNAFU to me.

   You need to contact GMAC and explain what happened and ask that if you pay the account off in full if they will remove the repossession from your report.

   In most cases as long as the lender gets their money they will work with you. Just be sure to get any agreement you reach in writing before you pay a penny.

   Comment by SPIFIMAN1 — September 19, 2009 @ 1:49 am

2. 

   Well, paying off the car is a good start. I would suggest getting a credit card but not using it, unless you pay it off each month in full. The more credit you have available to you, the better your chances are of getting a loan. Also I would go to your bank and ask them about credit builder loans. Generally its a loan of about 1,000 dollars that they put in your account, but you don’t have access to it. You make payments over a year, then you get your money back at the end.

   Comment by Mark — September 19, 2009 @ 1:49 am

3. 

   Its explainable to creditors, IF you actually do go buy it back outright. Buying outright, does nothing towards building creidt. You will need to have some credit cards, buy things and pay payments on time and never ever stumble again on paying the payments. MAKE sure the company gives you in writting proof they will update to the credit reporting agencies, get a list they will contact, go into their office and ask, when and how can they prove to you that they will do it in a timely fashion, and then verify that they did.

   Comment by loves christmas lights — September 19, 2009 @ 1:49 am

4. 

   i should think if you pay off your car bill and they give you back the car. and you make payments in a proper timely fashion. your credit will be ok within the year.

   Comment by sara — September 19, 2009 @ 1:49 am

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