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ok what happend was i bought my vehicle in 2007 and it was under my name but a year later it got stolen.. i had full coverage insurance which was under my parents name and i wasnt on the insurance. so the car was covered if my parents were the ones driving it and i wouldnt be if i was driving it.. so now it got stolen and i was the last person to drive it.. insurance doesnt want to pay.. the police found the car and took it to the impound.. i didnt have money to take the car out and they said it was totaled and i couldnt afford the damages..i contacted the lien holder they couldnt do anything.. i couldnt pay for it there was nothing i could of done….so i disputed with the insurance company but they would not cover me.. and now my credit has a repo on it.. my car was sold at the auction by the lien holder.. so what can i do or can i even do anything to take the repo off and fix my credit.. before the repo i actually had very good well average credit .. thanks for reading i know its a lot but im trying to buy a house with my parents and my credits in the way.. .

4 Comments »

1. 

   that makes no sense – how do you buy a car and not get it covered for you since it was under your name? I can’t believe the insurance company would have allowed that. You should have been listed as the primary driver for that car. especially if you r parents already had two other cars

   You screwed up big time with that

   you cannot remove a repo from your credit record – it will be there for at least 7 years
   forget the house – have they even sent you a bill for the balance due yet? You will probably get a bill for a many many $1000′s.
   you may be forced to declare bankruptcy – I had to when I had a Voluntary repo – no accident – just due to job loss and other bills

   Comment by Doctor Deth — August 23, 2010 @ 6:45 am

2. 

   if you don’t pay or do nothing at all they will take you to court and file a judgement against you. You definately do not want that, that’s what happened to me 10 years ago. Try to work out a deal with the bank, sometimes they will settle on a specific amount and render it paid. i owed 6000 on my re-po and the bank settled for 3000. regardless, it will be on your credit report for 7 years

   Comment by ConfusednOHIO — August 23, 2010 @ 6:45 am

3. 

   I have a repo and have asked this question…either pay it off or let if fall off in 7yrs..paying on it will help your credit

   Comment by Tin Tizzy — August 23, 2010 @ 6:45 am

4. 

   Auto finance is what I do for a living and there is nothing you can do to fix this because the information is true and correct.

   I don’t understand why you were not listed on the insurance, all lenders require that everyone listed on a loan be covered by insurance how you got around this makes no sense.

   Depending on how much is still owed on the vehicle you can look for this to get a lot worse, they can take you to court and seek a judgment for the balance owed and if they win they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.

   If this happens you can forget buying a home because it could end up with a lien on it and no lender will allow that.

   Comment by SPIFIMAN1 — August 23, 2010 @ 6:45 am

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