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If they repossessed it as part of the bankruptcy (and you didn't get it back), probably yes. However, the bankruptcy itself is a bigger black mark than the repo, especially since it can stay on your credit report longer (up to 10 years after filing, though some bureaus remove Chapter 13 after 7 years; repos only stay for 7 years).
What else can I help you with?
What are the FHA auto repossession guidelines?
The FHA does not have specific guidelines for auto repossession. Auto repossession is typically governed by state laws and the terms of the loan agreement between the borrower and the lender. It is important to review the terms of the loan agreement and consult with legal counsel if facing auto repossession.
Can auto repossession be negotiated?
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
Can you reinstate an auto loan after repossession in the state of Washington?
If the lender agrees, yes. The matter is entirely up to the lender because the borrower is in default.
What is the process for an FHA repossession of an auto?
The process for an FHA repossession of an auto involves the lender taking possession of the vehicle due to non-payment of the loan. This typically occurs after multiple missed payments and a formal notification to the borrower. The lender can then sell the vehicle to recover the outstanding debt.
What is an auto loan charge off?
When a customer is unable to pay of the auto loan the lender will repo the car, sell it, and charge off the remaining amount due to the customer. The exact amount charged off may vary depending on the lender. In the case of a repossession, unless it is a Bankruptcy, the remaining balance is DUE BY THE CUSTOMER. It is important to note, in the case of a bankruptcy, any money that is discharged through the bankruptcy can, at anytime, actually be paid back to the creditor and that negative report will be taken off of your credit report. If someone finally gets into the position that they can actually pay a debt off, it is better to do so.
What does charged off mean on a auto repossession?
It means the lender wrote off the interest they DIDNT get from the debtor. Its just an accounting term.
Why is my auto loan not showing on my credit report?
Your auto loan may not be showing on your credit report because the lender has not reported it to the credit bureaus yet. It's important to contact the lender to ensure they are reporting your loan information accurately.
How long does an auto repossession and a home foreclosure after stay on your credit report?
NOTICE OF DROPPING PARTY DEFENDANT
Can you be arrested if the auto lender comes to repo the car and you dont have it?
Not at the time the lender seeks repossession of the vehicle, but if it is found that fraud has been committed (vehicle hidden, sold, etc.) them criminal charges could be applicable.
Is it illegal to conceal a car from repossession in Florida?
Concealment of a car up for repossession in Florida is a felony. You can be charged with hindering a lender in repossessing a vehicle, or even grand theft auto. Additionally, the state of Florida will not permit you to register any vehicle in your name if you have an active repossession against you.
What happens if you conceal a car on repossession in Florida?
Concealment of a car up for repossession in Florida is a felony. You can be charged with hindering a lender in repossessing a vehicle, or even grand theft auto. Additionally, the state of Florida will not permit you to register any vehicle in your name if you have an active repossession against you.
Is it considered a repo when you turn the auto in yourself and have not missed a payment no bank involved made payments to the company the van had problems and your credit report shows it as a repo?
Yes, it can still be considered a repossession if the lender takes back the vehicle due to issues such as default or breach of contract, even if you returned it voluntarily and have not missed payments. If the company had problems with the vehicle or if there was a misunderstanding, they might report it as a repo on your credit report. It’s important to review the terms of your agreement and communicate with the lender to clarify the situation and resolve any inaccuracies on your credit report.
