So, here we go. I had my car repossessed in February 2016--3 years today. Me and my wife did pay up and got the vehicle back and eventually it payoff. This was a joint account and obviously we were both responsible for it. I had my separate auto loan since September 2019 and has never been late. Come full circle, I'm trying to finance a CPO (trading in my acura for an audi) vehicle. Question: Will I be qualified for new car loan? Should I wait another year or two to let this derog age? I would love to get some constructive responses Thanks as always, I love this forum.
If the repo was reported to the credit bureaus... I would wait. If it wasn't, then they may look at the late payments and the fact that you "paid in full" the total loan amount. In some cases, this will help if you have the income and you are fullfilling your other credit obligations on time.
I've been where you are trying to go and I don't wanna go back.