Repossession

A car repossession stays on your credit reports for up to seven years beginning the day the account was originally reported as delinquent.

The car repossession process can really take a toll on you if your credit is already suffering. Fortunately, there are options for getting a repossessed car back. Be aware though, that keeping your vehicle may not be the best option for you. But if you feel it is, your options are time sensitive – so make sure you act fast.

When you know you’ll be faced with your car being repossessed, you have two options: voluntary or involuntary repossession. Both result in your car being taken back, but the choice to give up the car voluntarily is up to you.

There’s no question that having your car repossessed will put a big dent in your credit score. But what are the specific consequences once the repo process is complete?

It can feel like all hope is lost if you fall behind on your car payments (or are about to). If you find yourself in this situation, the worst thing you can do is nothing. There are many possible solutions and you need to take action as soon as possible.

Having your car repossessed is a stressful situation that sometimes is impossible to avoid. But, if you know your vehicle is going to be taken, something to consider is a voluntary repossession.

Some of the obstacles facing consumers have to do with specific requirements of bad credit auto loans, specifically related to job and income. Here, we outline the three key factors subprime auto lenders use to qualify someone—ability, stability and willingness to pay.

Repo. We’ve all heard the term, but do you know what happens if a repossession is issued for you? Customers often write us with concerns about being financed after repossession. For example, this is a comment we recently received:

If you have credit problems and you’re having trouble making your car payments, the very worst thing you can do is wait until after repossession to do something about it.

A repossession is one of the worst things that can appear on your credit report if you are hoping to finance another vehicle. Here's why it can happen and what you can do about it.