Auto Loans

turn on suggestions Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Reply
Topic Options
New Contributor
blooro
Posts: 53
Registered: ‎07-09-2008

Help- car repo after lease end!

[ Edited ]
Options

‎08-26-2012 02:27 AM - edited ‎08-26-2012 09:37 AM

My car lease ended with a great payment history and I just went two months over the lease so they came and picked up the vehicle. Is this considered a repo? I was out of state and was working on financing the car from the dealership.

Message 1 of 2 (304 Views)
 
Reply
Valued Contributor
StartingOver10
Posts: 1,522
Registered: ‎03-06-2010

Re: Help- car repo after 2 months!

Options

‎08-26-2012 06:28 AM

blooro wrote:
My car was just repoed for being late two months. Does anybody know if i pay off the balance to get the car back will it still show a repo on my credit?

Yes. The repo will show. But if you pay it then you will stop the lender from sueing you for the balance (plus fees and default interest). If you pay then you stop the lender from getting a judgment against you. Maybe eventually you can GW the repo off after you have paid it.

Message 2 of 2 (278 Views)
 
Reply

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
www.myfico.com is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+