How long does a repo stay on your credit?

[rayne428]

How long does that say on your credit? can't ever be taken off, and if the car is repo'd do they take the car and u still have to pay the debt or what?

[Trish]

Repos are a pretty complex issue. I just recently dealt with one myself.
It is the biggest problem I have as far as my CRs.

It will stay on your credit (from the OC) for 7 years from the date of resale. (that is when the SOL clock starts)

As far as how much you owe, it depends. On what state you're in, how much you owed on the car and how much it sold for, etc.
It also makes a difference on how it is repo'd. It has to be sold in a commercially reasonable manner or there should be no deficiency owed.
I say should......because I just got my a$$ sued and my car was not sold in a commercially reasonable manner. :mad:

Like I said, it's a bit complicated. I just need a little more info and maybe I can help answer your questions better.

[Trish]

I was just looking at some of your other posts.
If you're upside down on your loan and it hasn't been repo'd yet......DO NOT let it get that far. Trust me, you don't want to go through the big fun of being sued. :rolleyes:

How much do you owe on the car? You're only option would either be to try re-financing so you can get your payments down and under control.......or to try and sell the car and cut your losses. You may still end up owing but it wouldn't be near as much.

Especially since you are young......you don't need your credit to get worse.
Just to give you an example......my car was repo'd, we owed a little over 8K on it. They turned around and sold it for about 2K, leaving me with a balance of 6K. 4 years later, I have to go to court.....I fought as best I knew how and lost. The CA was awarded a summary judgment for 8K at 12% interest PER ANNUM (which by the time I'm done paying $450/mo comes out to over 10K). Not only do I have the repo/CO on my CR from the OC, now I also have a collection acct from the CA AND a judgment on my public record.

I'm just saying..........do whatever you can do to NOT get it repo'd.

[rayne428]

Originally Posted by Trish

I was just looking at some of your other posts.
If you're upside down on your loan and it hasn't been repo'd yet......DO NOT let it get that far. Trust me, you don't want to go through the big fun of being sued. :rolleyes:

How much do you owe on the car? You're only option would either be to try re-financing so you can get your payments down and under control.......or to try and sell the car and cut your losses. You may still end up owing but it wouldn't be near as much.

Especially since you are young......you don't need your credit to get worse.
Just to give you an example......my car was repo'd, we owed a little over 8K on it. They turned around and sold it for about 2K, leaving me with a balance of 6K. 4 years later, I have to go to court.....I fought as best I knew how and lost. The CA was awarded a summary judgment for 8K at 12% interest PER ANNUM (which by the time I'm done paying $450/mo comes out to over 10K). Not only do I have the repo/CO on my CR from the OC, now I also have a collection acct from the CA AND a judgment on my public record.

I'm just saying..........do whatever you can do to NOT get it repo'd.

oh wow , the reason i was asking was, my car is no where near getting repo'd , thats one thuing i pay every month on time, but its way too expensive sure wheni got it i could afford it but right after that i got sick with no health insurance and lost my job (no fun) so now i cant afford to keep it anymore and i know for a fact i'm upside down on it, i now work for a car dealership, and i can get a car for rrally cheap but if i get another one me being upside down on my car just puts me more in the hole and there is no way i can keep paying this thing, so i was goona get my credit back up and buy another car and just let them take this one, but after reading all of that i'm gonna re-think that:p and if i sell the car i know i'm not going to get anything near what i owe on it so how does that work with the title and the bank and everything? WHAT A MESS!

[Trish]

Sorry so late in replying.

I'm pretty sure if you sold it, then whatever you end up owing on it.........you would have to pay to the financing company before you could get the title back ( and since you have to give it to the new owner, you would have to do it fairly quickly).