How long does repo stay on your credit history/score?

[BluePoodle]

When my ex and I got divorced, he took one vehicle and I took another. Well, he let his get repossessed and of course, I was a co-signer. I paid it off and never got a penny from him. Well that was in 2005. And the account is still on my credit but is just shows $0 Balance and "Pays account as agreed." 

I am just wondering with the "Auto Enhanced" score, that they will be able to see that I had a car repoed in my name and it will impact my financing.  Any help would be great. I didn't even think about the repo being an issue since it was so long ago until I read this board.  I am trying to qualify for their best interest rate!

Thanks for help!

[Remember0]

It should only be 7 years from the date of FIRST delinquency on that loan that the tradeline shows. If it still shows up, it's dispute time. Make sure you clearly state that the account was closed a long time ago and that the first delinquency was over 7 years ago. Heck, I'd send disputes to both CRAs and the original creditor.

One thing though...when was the last payment on the loan made? Like the date...and if a payment was made after repo, it still counts. Also what's the statue of limitations in your state? I ask because you don't want to wake a sleeping bear by disputing and have them sue you for the deficiency if still within statue of limitations.

[BluePoodle]

It was paid off and account closed in 2005. Don't remember when it all began.  It shows in good standing, which is why I assume it is still on my history over 7 years. As long as it is shown as positive, I don't want it removed because of the AAoA.  I just wanted to make sure the Auto enhanced didn't have access beyond 7 yr period that it was a repo or disclose anything more than what I was seeing on my end.  I realize it is kind of hard to know when we can't pull/see them ourselves.  Just wondering if someone had any experience with similiar situation beyond the 7 year history.  

[Remember0]

Wait so it doesn't show a bad history? Does it say "repo" somewhere on your report for this loan? Or does it just say Paid as agreed and no repo comments? You have to look at your report to be sure (free annual report, no need for score @ annualcreditreport.com ). If it has no lates/repo comments, then it should stay on till 2015. If it has anything bad about it, it should drop off in 7 yrs.

The dealer sees exactly what you see on your report, nothing different.

[BluePoodle]

No it does not say "repo" anywhere on the report. I am not sure if it ever did even though it was a repo. It shows as "good standing" when you view on any of the 3 reports. I just wanted to make sure they weren't seeing it differently than me.  It shows up with all of my other closed/good standing auto loans and does not appear to be any different.  So I guess if it had been a negative, it would have just disappeared completely after the 7 year mark?

I have had another auto refinanced since then, but the interest rate was high and I assumed this and some of my other negative history was the reason for the high rates, but now I am sitting a lot prettier and really am hoping for a 0-5% interest depending on if I go with new or used vehicle.

[Remember0]

Yeah, okay if it shows up with other good accounts and doesn't say repo anywhere, it's being reported as a perfect history loan. Leave it alone and don't mention anything about that loan ever being bad to a dealer/finance company. As far as they can see and care, it's perfect history.

At a dealer with a captive for a new car, you'll most likely qualify for top tier rates. But at DCU (I still recommend an app to a local bank/CU/DCU before going to the dealer), it depends which bureau they pull. DCU pulls EQ and they look for 675+ FICO EQ for their 1.24% rate, so you're probably going to get something like 4-5% at DCU. At a lender that pulled EX or TU (esp. auto enhanced), you'll qualify for top tier.

[BluePoodle]

Thank you so much! Just didn't want to be hit with any surprises. Totally forgot it was a repo, since (like I said) it never read repo on the report.

At a dealer with a captive for a new car, you'll most likely qualify for top tier rates. But at DCU (I still recommend an app to a local bank/CU/DCU before going to the dealer), it depends which bureau they pull. DCU pulls EQ and they look for 675+ FICO EQ for their 1.24% rate, so you're probably going to get something like 4-5% at DCU. At a lender that pulled EX or TU (esp. auto enhanced), you'll qualify for top tier.

Thanks for the above info too! That will come in handy. It's been a long time since I financed a car so I am a bit rusty. I really hate doing it but I need to at least get a car for my Daughter and would like one for myself too.  My last two vehicles have been paid for and I will keep my current vehicle until it dies, LOL.

Thanks again!