Does totaling a car affect your credit?

Updated: 9/22/2023
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11y ago

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only if the loan is not satisfied. Sometimes you owe more than what your car is worth. Insurance company's only pay what the value is minus the deductible. This may leave a deficiency balance that has to be paid by you. If you don't pay the balance you will be in default of your loan.

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Q: Does totaling a car affect your credit?
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Does trading in a car affect your credit?

Trading in a car does not affect your credit unless you sign a new car loan and get a new car. This may negatively or positively effect your credit.

How does cosigning for a car loan affect your credit?


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In general, you cannot return a car to a dealer. You can sell it back to them, though. Selling it won't affect your credit.

How bad does a car repossession affect your credit report?

A Lot.

How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?

It has the same effect on the credit.

How does credit affect an individual financial standing?

Your credit can raise or lower your credit score. It is what consumer credit for buying a house or car is based on.

How does defaulting on a car loan affect your future credit?

Any default on any loan will damage your credit in the future.

Is the other driver liable for totaling a parked car?

If the car was legally parked, Yes.

What are the effects of car accidents?

-Totaling your car and/or someone else's -Injury -Possible death

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1 in 100

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