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How does Car Repossession affects credit report?
9th May 2011
My mom had 45 years of GREAT credit then…
My mom is the co-signer of my sister’s car.
It got repossessed and we got the car back.
My sister makes late payments.
I want to get a car now, and the only way is to get a loan.
Is her credit report going to be too bad to get the loan?
Posted in: Auction FAQ | | Comments (4)
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A repo can knock off about 100 points depending on how many positive accounts that are on your credit. It would be best to pull your credit report before going into the dealership, that way you know what you are looking at. It probably won’t stop you from getting a loan, but it could throw your interest rate upwards of around 14 – 16%
Comment by ? — May 9, 2011 @ 1:50 pm
It’s not the repo itself that kills your score, it’s what happened to make the loan company decide to do the repo….missed payments, constant late payments, cancellation of insurance ( if required ), stuff like that.
Comment by rick29148 — May 9, 2011 @ 1:50 pm
Did the finance company actually repo the car?
If so, it’s going to hurt your moms credit pretty badly.
Comment by My Take on It — May 9, 2011 @ 1:50 pm
It may – a repo can cost 100 to 150 points on the credit score. The bad report will stay there for 7 years, but after a few years, its importance begins to lessen. With this on your mother’s report and you not having credit, you could see yourself paying a very high interest rate for your car loan.
Comment by Steve D — May 9, 2011 @ 1:50 pm