What is it like after getting a repossession?

Question

is it easy to bounce back? my sister had 2 repos and she sais you can go to those ma and pa shops and get a car, just if you pay the money down and have a job. how long does it stay on your credit for?

Answer 1

Once you get a Repo. Your Credit Will Fall Too fast. And very hard to bring it back up.

Answer 2

Those "ma and pa" places will sell a person with terrible credit a car.  But the cars are not the greatest....you will have to pay a much larger down payment.....the interest rate is very high.....

But with 2 repos on your record you don't have a prayer of getting a decent loan anywhere else.  Bad credit is something to avoid, but many times it comes at you with no escape.  Don't get the idea that a repo isn't going to be a big deal.

Answer 3

Auto finance is what I do for a living and a repossession without a bankruptcy is one of the worst things that can show on your credit.

The lenders sell the vehicles for much less then they are worth and come after you for the difference plus all fees for towing, storage, reconditioning, auction, interest and anything else they can think of.

This will amount to several thousand dollars and if you do not pay they can take you to court, get a judgment and at that point attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.

All of this will show on your credit for the next 7-years making it very hard to get any other types of loans without paying massive down payments, huge fees and State maximum interest rates.

Answer 4

Your sister's credit is ruined.  Even if she can go out and buy another card, she's probably paying at least double the interest rate as if she paid her bills on time as she agreed to when she got the loans.

No, it is not easy to bounce back.  She probably still owes money for the other 2 repos.