Vehicle reposession
 

Has anyone ever had a vehicle they were financing through a bank repoed? What happened, and what were the ramifications? Financial, credit, etc.
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"call the finance company tomorrow morning and work it out and you can get your car back" - Froy from Operation Repo

“Just when you think you’ve got everything under control, the neighbors come over with shotguns.”
— Operation Repo

well if its to the point where they repoed it your credit is fucked for a long time! just burn the car cuz who gives a fuck at this point

if your car gets repo means you didnt pay your bill... lol what do you think would happen..

good luck trying to apply for any type of loan..

Wow I know what a reposession is, thanks. I didn't get anything repossessed, I was just curious as to what all comes down because of it.
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Years ago I had one repoed. Didnt pay for 4 months after a slew of mechanical problems that they refused to cover under warranty. There was no repercussions. They sold the car for what was owing on the loan and it had no ill effect to my credit rating.

Really? Everything I have read states it will affect your credit.
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too bad operation repo is fake, woulda been a good show :S

Im guessing the only way it affects your credit is if you let it get to collections... if its still under control of the bank or whoever you got the car from, should be ok..

Don't listen to these guys. I work in auto credit, lending.

If your car goes into repo status it's because your account has gone past 60-90 days delinquent.

If you get your car repo'd and you don't intend on getting the car back and just defaulting you will get and i9 on your bureau, meaning you've written off the credit line

i9 and r9's will plummet your beacon score, and when you go seek credit next time, creditors will weigh that heavily when assessing your credit.

ESPECIALLY BAD because an auto loan is pretty much a necessity in life.

If you can't keep up with a car payment, creditors will not lend you money for loans, credit cards, etc because if you can't pay for a necessity in life, how are you going to manage paying something that's less important?

Next time u go for an auto loan you will either be turned down, or require a strong a1 cosignor, or a heavy down payment usually 20% or more.

If you end up getting the unit repo'd, but end up settling your payments and getting your car back (which will cost you more than just paying your arrears) your credit score will still drop, and your auto loan credit line will show as derog, it'll show when the payments were missed and how often and how far delinquent it was (i2,i3,i4,i5, i9 = 30,60,90,120 days delinquent or written off). Again, creditors will weigh heavily on that when looking at your credit.

This adverse credit will affect you for a minimum of 2 - 5 years if you plan on applying for something else in the future. Again, creditors will ask for security or cosignor.


Don't be late paying your auto loans. Ever. It's a necessity of life, and weighs heavy against you when any derog appears
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Thank you for the info!

Or.. you could just live within your means and buy a used car, with cash. Not everyone has to get a car loan...

Yea no shit.. wish I knew that when I got my first job in my career..first thing I got was a car loan. Wasted so much money and got a bad rate cuz I fucked up on some credit cards in college. Now I have a car paid in cash driving for the past year and feel soooo much better, not nearly as nice of a car but it works. And now I almost have enough cash to own a nice car, so I can spend more on mods vs paying the bank :alonehappy:

I think 604CEFIRO was explaining that having a car loan in good standing looks really favourable on your credit rating to potential future loan requests, like for a mortgage. Buying a car with cash, however fiscally responsible you think it is, does nothing to help your credit rating (but it doesn't hurt your rating either).

I wouldn't necessarily consider someone buying a car with a loan to be buying a car "out of their means" either.

^ +1

I think he meant 'If you have an auto loan, it's related to one of your necessities, which makes it more important for you to pay it'. Not that having an auto load in and of itself is a necessity..

Oh, I get what he means. You can build a nice solid credit rating with a couple of credit cards too.

I bought a new car.. once. Got 0.9% financing.. and never missed a payment. But the amount of money I wasted on that 'new' car.. which I HAD to have (in my own head) because all my friends had new cars and I had to fit in..

I could have bought a nice lightly used Cadillac and been way more comfortable.. and probably paid less.. but instead I bought a new car to be a poser. (insert Cavalier joke here, fags)

Cavaliers are fine commuter cars, lambo doors on a Cavalier though......

Ok that's fine.

But just because you made a bad financial decision for yourself, does not mean everyone who gets a car loan is "Living beyond their means". Which is the blanket you were using in your original statement.

A fine example of this is having the cash to buy the car outright but why would you if the car is at 0% financing.

Lol why so OT?

Original poster asked about the implications of what happens to a persons credit if they get a financed / leased vehicle repo'd.
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Because its the internet.

I dont understand half the terms 604cefiro is using, thats fine and I'm not disputing them but I'm left wondering, if thats the case as it will always ruin your credit to have a car repoed. Why was I able to secure financing on another car only a year after mine was repoed? Keep in mind this was some 15 years ago perhaps things were more slack?
Do other bills given on a use service now pay later like phone hydro ets do they effect credit as well either good or bad as they are a necessity for life?