Car repo'ed last night but have the money to pay it off
Date: Fri, 07/29/2011 - 09:17
My car was repo'ed last night. I've been a slow payer but was behind on my June payment and as of today my July. I live in CA. Ironically I received a check from my father's estate on Wednesday which will more than cover the cost to pay of the car in full and afford me to purchase a new vehicle and have plenty left over. I'll be making a deposit today and the funds should be available by Wednesday of next week. So I have two questions in regards to rebuilding my credit...
1. Since it was repo'ed does it immediately show up my credit report as repossession whether I pay it off next week or not?
2. If the repo will be on my credit report would it be better for me to let them sell it at auction and just pay them the difference including any extra fees?
3. If the repo won't show up on my credit report, is better to pay it off and get it back and then sell or trade it when I buy my new vehicle.
Thanks in advance for your help
Kim T.
1. Since it was repo'ed does it immediately show up my credit report as repossession whether I pay it off next week or not?
2. If the repo will be on my credit report would it be better for me to let them sell it at auction and just pay them the difference including any extra fees?
3. If the repo won't show up on my credit report, is better to pay it off and get it back and then sell or trade it when I buy my new vehicle.
Thanks in advance for your help
Kim T.
Repossession will be reported on your credit report for 7 years
Repossession will be reported on your credit report for 7 years from the date of first delinquency. Check your credit report once. Contact your lender immediately and tell him that you want to repay the loan fully. You may have to pay the storage and repossession fees.
If the lender still wants to sell the car, then let him sell it at the auction. You just pay him the difference including any extra fees.
You can check out the following url to know the car repossession laws:
"http://www.lemonlawcenter.com/protectyourself.html"
