Paying Taxes on a Repossession Paying Taxes on a Repossession

Borrowers having problems paying their car loans should call the lender and explain their situation. Not only is repossession is a black mark on their credit reports – often preventing them from getting a car loan for at least a year, it could end up costing them hundreds if not thousands of dollars in taxes owed to the government.

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Get a Car Loan with a Repo Get a Car Loan with a Repo

For those unfamiliar with what the phrase buy here pay here means, it refers to a car dealer where you can not only purchase a car, but a dealership where you can finance it, right there, as well. In this case financing is arranged with money that is borrowed from the dealer instead of a bank, credit union or finance company.

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