Has anyone ever had their car repossessed? If so, how did that effect your chances of getting another one?

Question

I have a 2008 car that I cannot get refinanced cause I've only had it for 6 months and the pay off is $34,000. If I trade for a cheaper car, my payments will be even higher than I'm paying now.

Answer 1

I know it has a big negative effect on your credit score, which will affect your ability to get another car.  If you can buy one at all, it will be at a much higher interest rate (low credit score equals high interest rates charged).  Is there someone responsible in your family who would be willing to take over the car and the payments?  Otherwise, it's time for a second job to keep making the payments.  It just takes years to repair bad credit, so anything you can do to make extra money would be worth it, IMHO.

Answer 2

my moms ex husband did. but it messed up my moms credit because she co-signed for him and after the divorce he stopped paying the bill...

eventually it will go away once the bill is payed