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Score and Car Repo

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New Visitor

Score and Car Repo

I am thinking about turning in my car, $16.000 still left on it after 7 years. My score is already 540, realistically how fast could I recover as I would have the funds to pay off any other loans I have, they are small, 2 credit cards ($300-$500 range) that I still use, just need to pay the bill. Other than 2 cars, I have no other big loans. Everything else is small. I just want to know for anyone who has had a repo, did it take long to get your score up?
Message 1 of 8
7 REPLIES 7
Community Leader
Super Contributor

Re: Score and Car Repo

I haven’t had a repo but Google says it could subtract 80-100 pts off your score plus remain on your CRs for 7 years.

 

Then, there’s the deficiency aspect. You owe $16K but car can only be sold for $9K. You still owe $7K.

 

I would think twice before going this route. 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 804
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $25K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 8
Community Leader
Super Contributor

Re: Score and Car Repo

It's not just the repo you need to worry about. They'll auction the car off and you'll owe the balance. So, if they sell it for $6k, they're going to come after you for the $10k leftover. If they send it to collections, that will show on your report for 7 years. And if they decide to sue and they get a judgement, that will show up on your report for 10 years. Worst case scenario, you could take a triple hit for 7-10 years.







Message 3 of 8
Community Leader
Super Contributor

Re: Score and Car Repo


@Brian_Earl_Spilner wrote:

It's not just the repo you need to worry about. They'll auction the car off and you'll owe the balance. So, if they sell it for $6k, they're going to come after you for the $10k leftover. If they send it to collections, that will show on your report for 7 years. And if they decide to sue and they get a judgement, that will show up on your report for 10 years. Worst case scenario, you could take a triple hit for 7-10 years.


Yep, OP. A whole lot of stuff to think about before taking the repo route. 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 804
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $25K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 4 of 8
Moderator

Re: Score and Car Repo


@Brian_Earl_Spilner wrote:

It's not just the repo you need to worry about. They'll auction the car off and you'll owe the balance. So, if they sell it for $6k, they're going to come after you for the $10k leftover. If they send it to collections, that will show on your report for 7 years. And if they decide to sue and they get a judgement, that will show up on your report for 10 years. Worst case scenario, you could take a triple hit for 7-10 years.


Judgments no longer appear on CRs due to settlement with multi states AGs led by NYS. Prior to this settlement the time period for a judgment to remain on file was 7 years.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

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- Rhonda Byrne

Message 5 of 8
Community Leader
Super Contributor

Re: Score and Car Repo


@gdale6 wrote:

@Brian_Earl_Spilner wrote:

It's not just the repo you need to worry about. They'll auction the car off and you'll owe the balance. So, if they sell it for $6k, they're going to come after you for the $10k leftover. If they send it to collections, that will show on your report for 7 years. And if they decide to sue and they get a judgement, that will show up on your report for 10 years. Worst case scenario, you could take a triple hit for 7-10 years.


Judgments no longer appear on CRs due to settlement with multi states AGs led by NYS. Prior to this settlement the time period for a judgment to remain on file was 7 years.


That's interesting. My judgement was from years ago and it was set for 10 years. I wonder if that applies to sagestream and ARS as well.







Message 6 of 8
Regular Contributor

Re: Score and Car Repo

I have a repo, see my scores below. Honestly I'm not sure the impact of it because I redeemed it and kept the car however it still shows as a negative reporting tradeline. I have been denied a card because of this, Wells Fargo, but was able to get NFCU just fine.

The loan is paid off at this point, the repo was in 2017. I now drive a $55k Infiniti soooo it clearly didn't bother them when they ran my credit 🤷‍♂️
Starting FICO 8 as of 2 APR 2019

FICO 8 as of 10 OCT 2019

FICO 9 as of 2 APR 2019

Goal 700 across the board by 7/2021
Message 7 of 8
New Visitor

Re: Score and Car Repo

Thanks everyone for your input. My husband and I decided to keep the vehicle, we will try trading it in again and just work on getting my credit score up, that’s what I wanted anyway but he issue with paying so much on an old vehicle was annoying. Hopefully we can get something that’s worth the $750 payment.
Message 8 of 8
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