Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
Re: Auto Credit and Scoring

creditup700 wrote:
I have two car repos against me, but one is reported as charge-off. Does the dealer know this is still a repo. Also, what's the difference between a charge-off and a repo as far as my credit report is concerned?

Even if it's not reported on your CRs as a repo, if the dealer sees a charge-off from GMAC, Ford Motor Credit, etc. then they'll presume it's a repo.
If they see a charge-off from Cap One, Wells Fargo Finance, etc. maybe it won't indicate it's an auto purchase. But I suspect it's somehow coded as an auto purchase so they know it's a repo.
Big picture, there's little difference between a repo and CO on your credit score. They are both in the very bad category--although if one voluntarily turned in the keys, and it's reported as such, that would likely be viewed in a better light on a manual review.
Practically, a dealer probably would be more concerned with one repo than several COs and COLLs. If one keeps their car, but lets a CC bill go, then the dealer might presume, "OK, this guy or gal fell on hard times, but they kept their car note current." If so, then they're more inclined to finance you, or give you a better finance deal.
However, I know folks in here, and elsewhere, have had repos and later gotten a car financed.