My husband just got a report the balance is $13,105.00 it remains open at this time not showing report I'm sure this is due to the process time frame. He is $955.00 pass due, should we contact the company and request to bring that balance current even though they have taken the car can we still continue to make payments to avoid this going on his credit. Second question should it read report on the credit what is the next plan of action, it would be worst to allow the account to age for seven years this is my thought, so do we start making payments now? Is there any way we can avoid Navy Federal from putting it on report status? Please advise thank you my husband and I our goal is to get a home in a year and half clean our credit up in a year, just want to know the best plan of action thanks.
Monie
Starting Score: 591
If your vehicle has been repoed, you can reaffirm the loan again, by paying the overdue portion, and the tow/penalties (varies with each lender).
Either you gain control again, or get ready for a hit, as the car will be resold, and the difference will be what you're collected/reported on. Repo is not a pretty thing on a CR.
*edit: the lates, and overdue balances will keep on reporting as of the 1st late, until it reports as reposessed.
