Car Repo: Damage to credit doesn’t change when you reinstate a car loan
When you reinstate a car loan, it does not change derogatory marks on your credit reports that led up to the car repo.
When you reinstate a car loan, it does not change derogatory marks on your credit reports that led up to the car repo.
Credit union members can experience nasty surprise when car is repoed due to cross-collateralization for unpaid credit cards or other loans.
When you enter into a voluntary car repossession agreement with your lender, your credit score and report will reflect that information.
Voluntary repossession can still leave a deficiency balance that the lender can pursue you for payment and put on your credit report.
Texas Car Repo: Whether a car repossession in Texas is voluntary or involuntary, there are certain procedures that must be followed after the bank or finance company repos a car.
Surrendering your vehicle also known as voluntary repossession to the lender does not void the car loan contract. You are still responsible for the loan and deficiency balance.
Having a repossession in your credit files may not prevent you from getting a mortgage loan but it’s best to have other positive credit to offset the repo.