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MY car was reposessed due to laps in your car insurance payment is there a difference in the length of time it stays on your record?
Wiki User
∙ 14y ago
Repossession does not occur for lapses in insurance payments. The auto loan transaction and insurance transaction are completely separate. If you live in a no fault state, the lender may add insurance coverage to protect their interest in the vehicle, and this will be translated to you the borrower.
Now, that being said, no, there is no difference in the amount of time a debt remains on your credit report aside from whether it is seven years from last payment on a regular default (no judgment) or ten years for a defaulted account with a judgment securing it.
Wiki User
∙ 14y ago
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