Is This a Repo?

[Prayerfuln09]

Hi everyone,

I've finally built up the nerve to post on here. I just have a question.

I spoke to my auto loan company today, and they told me that my acct. was in repossession status. I was informed that if my car was picked up, it would cost me about $1800 to get back and I had 15 days to pay before it was auctioned off. My acct is a few months late, with a balance due of $1000. The representative told me to pay $550 today and a regular payment by the 15th, and that I was eligible for a two month extention of my loan to help me get back on track.

Since this is my first car and my first loan, I'm not sure...will this be reported on my credit report as a repossession?

Thank you all in advance, and I hope to learn and share with you all.

[llecs]

No, IMO. Because the car hasn't been repossessed yet. But pay it ASAP. My first financed car was repossessed 4 yrs ago next month. I didn't always had the money to pay, but had I tried, I could have found the money. It was more of a lack of organization on my part. I went w/in a couple days and redeemed the car after paying 1 month past due plus one month current plus fees and continued with the loan as scheduled. But the repo really is hurting our credit even 4 yrs later and then there's the 15 or so lates that were associated with it.