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Frequent Contributor
Posts: 333
Registered: ‎06-05-2007
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Will I ever get another car loan after having a repossession on my credit report?

How long will it take to get another car loan after a repossession? Does anyone know of lenders that work with individuals like me? I want to put together a plan now, so that maybe in 6-12 months I can buy a used car. Thanks for any and all advice. I don't think I can wait another 7 years!
Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
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Re: Will I ever get another car loan after having a repossession on my credit report?

I would guess a couple years.  Car dealers can do wonder for people with questionable credit, but they will use an auto enhanced credit score for approval and with a recent repo you are looking at little chance right away.  I had a repo in 2003 due to the car being stolen, recovered, and my insurance being assholes by telling me that it was being paid off but not paying it off after it was recovered. I  was just last summer able to purchase a car without a co-signer and even then it was at 13% I believe.
 
Buy an old beater and drive it into the ground while saving money.  Take what you would expect to pay on a car for a payment and added insurance and put it into savings.  When the beater dies, hopefully you have enough to buy a decent car outright or for a decent payment. 
Contributor
Posts: 91
Registered: ‎03-08-2007
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Re: Will I ever get another car loan after having a repossession on my credit report?

[ Edited ]


ah32 wrote:
How long will it take to get another car loan after a repossession? Does anyone know of lenders that work with individuals like me? I want to put together a plan now, so that maybe in 6-12 months I can buy a used car. Thanks for any and all advice. I don't think I can wait another 7 years!


You'd be surprised but I have two voluntary repossessions on my credit report and only three months after they reported, Honda was willing to give me a new car as long as I paid $3k up front.  I declined and got a used Dodge Stratus in mint condition off of ebay.
 
You may still be able to get a car loan, if your score is somewhere in the 500s +, but your interest rate will stink and you will have to pony up a large downpayment.
 
edit to add...  My voluntary repossessed cars did also say Paid/Never late so I don't know if that was a factor.


Message Edited by shawtycat on 09-17-2008 08:50 PM
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Jodi
Frequent Contributor
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Registered: ‎06-05-2007
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Re: Will I ever get another car loan after having a repossession on my credit report?

Extremely happy that the 7 year mark is finally here and my repo is due to drop off my credit report!! It recently dropped from my Experian report, but Transunion states 11/14 and Equifax states 12/14. I'm in the process of looking for another car to buy, but waiting for them to drop off all my reports. I still have a few negative items that will drop off in March, but I can't wait that long. I will probably have to refinance in 6 months. I plan to go to a dealer, but not sure how to do a refinance so quickly after a purchase. Anyone have similar experiances?

 

I find that every negative mark comes off a month later with Equifax. Anyone know why?

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Posts: 7,323
Registered: ‎10-07-2014
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Re: Will I ever get another car loan after having a repossession on my credit report?

That's great to hear.  I wondered why an almost 7 year old post was resurrected.

 

Equifax is just a pain in the butt.

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