I live in Florida, My question is...If your car is reposessed does that acct show closed or repo on your CRA?

Question

w/ balance? or does it show acct still open?

Answer 1

It will show as a repo and if you owe a balance that will show also

Answer 2

I assumed that you got the car on a hire purchase contract, because you fail honour an instalment the car was repssessed. In your records it is a closed account.

Answer 3

It depends on the creditor...it can show as repossession, which most likely it will, it could show as a closed account, charged off account. It will show the balance owed, and will most likely show the balance after it is auctioned off and show what you owe after the sale, if they sell it. Either way, you'll still be responsible for the debt.