Repossession on a vehicle vs credit report?
I have not had my vehicle repossessed, however, my credit is really desperate. My vehicle, at 100,000 miles has had the engine sieze up. My wife say let it go wager on to the bank and then we will matter with it and put the money into the other car we enjoy. I say do not have it repossessed and hold on to paying on it till we get our loan down and at the same time, work on our credit to receive the credit score up from 520 to the normal ranges. We enjoy another vehicle, I see her point, but the Credit Bureau, wont see it the same way. I am stuck here beside frustration, my wifes mad at me for wanting to keep it and I inevitability someone who knows what they are talking give or take a few to answer and give me reasons.
Also, how much can they filch from your check for a repossession, my father, who also says keep it, say they may be able to take up to 50% for it from respectively paycheck, is this true?
I appreciate the help on this matter, this is one of the most far-reaching decisions I have have to make.
Answers: Auto finance is what I do for a living and a repossession is one of the worst things that can show on your credit.
The lender can thieve you to court and get a judgment, at that point they can attach mound accounts, garnish wages (if your State allows it), and file liens on any other property you may own.
All of this will show on your credit for the subsequent 7-years making it very hard to procure any other types of loans without making massive down payments, paying huge fees and State maximum interest rates.
As far as the amount that can be garnished, it's 25% per Federal statute.
Do whatever you have to do vend it, plant flowers in it whatever purely keep making your payments.
Your Wife may be mad at you but she is not looking at this contained by the correct light.
Good luck.
Having a repo on your credit is going to kill you for a long time. It sucks, but trade the car for scrap and verbs to pay the loan until it's paid sour. Paying for something you aren't using seems like pissing away money but when you bring ready to buy another car, have that good payment history will help out.
Credit bureaus are Nazi's. Don't expect ANY help from them at all.
Not singular will the repo trash your credit, but they will sell the vehicle at auction (if they can even sell it), take off that from the balance owed, add fees for the repo and the auction, and come after you. You will probably extension up owing more after the repo than you do now.
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Also, how much can they filch from your check for a repossession, my father, who also says keep it, say they may be able to take up to 50% for it from respectively paycheck, is this true?
I appreciate the help on this matter, this is one of the most far-reaching decisions I have have to make.
Answers: Auto finance is what I do for a living and a repossession is one of the worst things that can show on your credit.
The lender can thieve you to court and get a judgment, at that point they can attach mound accounts, garnish wages (if your State allows it), and file liens on any other property you may own.
All of this will show on your credit for the subsequent 7-years making it very hard to procure any other types of loans without making massive down payments, paying huge fees and State maximum interest rates.
As far as the amount that can be garnished, it's 25% per Federal statute.
Do whatever you have to do vend it, plant flowers in it whatever purely keep making your payments.
Your Wife may be mad at you but she is not looking at this contained by the correct light.
Good luck.
Having a repo on your credit is going to kill you for a long time. It sucks, but trade the car for scrap and verbs to pay the loan until it's paid sour. Paying for something you aren't using seems like pissing away money but when you bring ready to buy another car, have that good payment history will help out.
Credit bureaus are Nazi's. Don't expect ANY help from them at all.
Not singular will the repo trash your credit, but they will sell the vehicle at auction (if they can even sell it), take off that from the balance owed, add fees for the repo and the auction, and come after you. You will probably extension up owing more after the repo than you do now.