I had a repossession in December 2007. I financed it for 15,500. When they took my car and auctioned it off, it was sold for $11,000. Now this exist on my credit report as a repo. Is there a way that I can get out of this?
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No, not as you put it.
You can try to work something out as far as the actual monies are concerned (like working a settlement to where you pay less than the amount owed), but once the repossession is reported it will stay on your credit for 7 years or more.
Contact an attorney if you want to try and settle the debt with the lender.
You signed a contract to buy the vehicle and are bound by the terms and conditions of the contract. You owe $4500 to the lender to pay off your loan balance. Even if you pay off the loan, the repossession will remain on your credit report for 7 years. This is what happens when you fail to honor your obligations.
Nope. It will stay on your credit report for around seven years. Have you payed off the balance of the amount you still owe on the car? If not you may want to make arrangements. They will sue you for that and once there is a judgment against you they can garnish your paychecks for payment.
Good luck.
Your best bet for getting it off your credit report is offering a lump sum to the finance company in exchange for them removing any reference of you ever being late or being repoed.
Thats going to be expensive and you probably need an attorney on top of that.
It might be cheaper to just let it be there for 7 years and live on a “cash” basis in the near future.
After a few years, if the credit situation improves, someone will probably finance you despite the repo. At very high rates of course.