Accidental Repo, what's reported?

[RutRoh]

Hey Guys,

I have read the rules and lots of threads so HOPEFULLY this hasn't been answered. Finance's car was repo'ed because she had auto bill pay set up via a debt card, card got stolen, she didn't update with new info, if they sent her notices, she never opened them. If they called, she didn't answer. Now, I stay out of her business but know she has good credit and we happened to get engaged on vacation and came home to her missing car so NOW I'm in her business and making her pick up all calls and open mail.

Basically, she noticed more money in the account but didn't think anything of it (verified it was in there even). She is bad with stuff like this and they wouldn't speak with me so I coached her through it since they cancelled her loan and wanted the full balance. We got her loan reinstated and paid her back payment plus her next one and picked up the car. They just said they reported it and woudln't clarify but nothing has shown yet. I am making her call again to find out how they reported and  to see if there is anything to lessen the blow of a repo on her credit but again, she is not good at this.

Lender: BOA

Days Deliquent: 62

Car was repo'ed, cleaned out, plates removed

Question: How are they going to report this? 60 days, repo, 60 days and a repo, or since she had the loan reinstated, something else? Is there anything we can do to try and lessen the blow? I am very worried because while I have great credit, I know this is going to effect both her and myself for years to come. 

I'm not trying to ask for anything illegal, she screwed up so I know she is going to get dinged but I want to make sure we do everything correctly. She has $1,500 on a zero percent visa that she will pay off before the promo runs out, $18,xxx on the car - 3 year loan, put half down, 7 months into the auto loan, and right around $23k in students debt. I hope to get her student loans paid off for her in the upcoming year but the car is all her.

Thank you,

[guiness56]

Hi and welcome to the forums.

They can report it as a repo.  SInce it was reported prior to her reinstating the loan that is more than likely what they did.  If that does happen she may be able to work with them to have it changed. 

That new of a major derogatory, nothing will really help her credit at this point.  I would try to get them to remove the repo.  A 60 day late is not a major derogatory and though will hurt now, after about 2 years it no longer will.

[RutRoh]

Guiness56 - Thank you so so much for that helpful post. I thought for sure I had left you a reply and appolgoize for not doing it sooner. She is going around and around with them now but I really have to push her. I don't think she really knows the true extent of how badly this will hurt her. I myself with a mortgage background, have seen what bad credit can do.

Thank you again and I hope you have a great holiday!