The impact of an old repo with a 0 balance ?

[2b2rich]

I have a repo on EQ with a DOLA being October 2008 that shows as follows:

30 days late Jan 2009 (one time and no other lates).

That was the month that I called the dealership and asked if I could voluntarily give it back because I had become disabled and could no longer work).  The first payment I ever missed.

It shows an involuntary repo, but it wasn't and I don't know if that can be disputed as old as it is?

I know that other things will factor when applying for an auto loan, but I'm curious about this one specifically.  I guess it will fall off about this time next year?

I am working to improve my credit and all negatives are due to fall off within the next 5 months with the exception of maybe 2 that are paid collections.

My DTI is really good.  My annual income is almost $50K, but I have no debt other than rent and utilities, etc.   Older student loans that were default now have zero balances, but only recently so might be awhile before they fall off.

I would like to buy a new car (maybe $20-25K) eventually (yeah, not with many bells or whistles, but reliable) and I did get a secured card (though it doesn't report as secured) with a $500 back in July.

[enharu]

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@2b2rich wrote:

I have a repo on EQ with a DOLA being October 2008 that shows as follows:

30 days late Jan 2009 (one time and no other lates).

That was the month that I called the dealership and asked if I could voluntarily give it back because I had become disabled and could no longer work).  The first payment I ever missed.

It shows an involuntary repo, but it wasn't and I don't know if that can be disputed as old as it is?

I know that other things will factor when applying for an auto loan, but I'm curious about this one specifically.  I guess it will fall off about this time next year?

I am working to improve my credit and all negatives are due to fall off within the next 5 months with the exception of maybe 2 that are paid collections.

My DTI is really good.  My annual income is almost $50K, but I have no debt other than rent and utilities, etc.   Older student loans that were default now have zero balances, but only recently so might be awhile before they fall off.

I would like to buy a new car (maybe $20-25K) eventually (yeah, not with many bells or whistles, but reliable) and I did get a secured card (though it doesn't report as secured) with a $500 back in July.

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According to another forums member, a voluntary surrender is still considered a repo. Whether you surrendered it or the manufacturer towed it away doesn't seem to make a difference.

repos stay on credit report for 7 years. was your car repo'ed in 2008 or 2009?

it will affect you when you apply for an auto loan, but a repo that old with a zero balance will not affect you much. The economy was in the gutters back then as well so a repo, short sale and foreclosure not too uncommon either. Most banks will try to understand that. if you are financing with the manufacturer's financing department, they probably will cut you more slack simply because they want to sell the vehicle. Hence, you will get a better rate but I don't think you will be able to get the best or 2nd best tiers financing rates.

What are your credit scores now? 

[2b2rich]

I'm not sure of the actual date it was returned, but it is showing the DOLA October 2008 and the one and only 30 days late in January 2009.

I haven't pulled my report/score since I've been paying off accounts and collections.  I still have a couple more to work on and am also waiting on the results of a dispute from EQ before I pay for another one.  I did get a secured card from First Progress about 4 months ago ($500) and my score jumped from 466 to 528 the first day it started report.

[junebug225]

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@2b2rich wrote:

I have a repo on EQ with a DOLA being October 2008 that shows as follows:

30 days late Jan 2009 (one time and no other lates).

That was the month that I called the dealership and asked if I could voluntarily give it back because I had become disabled and could no longer work).  The first payment I ever missed.

It shows an involuntary repo, but it wasn't and I don't know if that can be disputed as old as it is?

I know that other things will factor when applying for an auto loan, but I'm curious about this one specifically.  I guess it will fall off about this time next year?

I am working to improve my credit and all negatives are due to fall off within the next 5 months with the exception of maybe 2 that are paid collections.

My DTI is really good.  My annual income is almost $50K, but I have no debt other than rent and utilities, etc.   Older student loans that were default now have zero balances, but only recently so might be awhile before they fall off.

I would like to buy a new car (maybe $20-25K) eventually (yeah, not with many bells or whistles, but reliable) and I did get a secured card (though it doesn't report as secured) with a $500 back in July.

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As mention, a repo is a repo no matter the remarks. Being older and at a 0 balance helps the cause little bit. Try goodwilling those paid collections.