Repo

[Anonymous]

In Aug 2006 I was a co-signer of a car the got repo'd from chrysler financial.  This is still showing up being late as of Oct 2008 as the newest late.  I have not been contacted by them since Aug 2006 when they told me that it was being repo'd and if I wanted it i would need to pay off the remainder of the loan. Should this be reporting this way?

Hox

[llecs]

They should be reporting the balance, a repo reference, and lates monthly up to the point the OC sells the account to a CA or you pay it off.

[Anonymous]

So if that is the case it would be impossible to get a home loan until it stops reporting?

[llecs]

Not necessarily. IMO, most lenders will require you pay the balance. However, once paid, assuming all else on your CR is good and if your scores are good enough, you'd have a good shot.

I have a redeemed repo in which the car was repoed and I was allowed to pay the past due balance (one stinkin' month) and fees and was able to get the car back. It was PIF within a year from that point. It is listed on my CRs as a repo with multiple lates in the 2-3 years leading up to it. I recently visited a couple of lenders and none of them had a problem with it due to its age (2005) and the fact it was paid.

[Anonymous]

ok so they will over look the repo still reporting, well thats good to hear.