How will paying for a car loan on a repo car affect my credit score?
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My husband and I signed a ,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe 00. The loan company offered a settlement of 00 if we pay by the end of the month. Does this sound right to anyone?
How would it really affect my credit if I pay off the loan now?
12 Comments on this post
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zoraida said:
Hi,
Sounds like a great deal, and is not that uncommon. Paying off the outstanding balance on a repo can only help your credit.
HOWEVER, GET IT IN WRITING! Before you send that $2,800 payment, make them put it in writing that $2,800 will settle the debt and they will report it as PAID IN FULL. If they don’t put it in writing for you, then after you pay $2,800 they’ll say your balance is $5,200! (5000-2800) Collection companies are snakes!
Go to http://quick-and-easy-auto-loan-usa.blogspot.com/ they have better interest rates than normal rates do.
Best Wishes,
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0January 17th, 2010 at 9:52 am -
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0 0January 17th, 2010 at 9:52 am -
v b said:
A settlement for less than you owe will still appear on your credit report and affect your credit–just like the repo is doing.
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0 0January 17th, 2010 at 9:52 am -
jlf said:
It will still show as a negative (a settlement in lieu of full repayment) – but less negative than an outright default (and possible future court judgment).
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0 0January 17th, 2010 at 9:52 am -
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0 0January 17th, 2010 at 9:52 am -
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0 0January 17th, 2010 at 9:52 am -
Micheal said:
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0 0January 17th, 2010 at 9:52 am -
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0 0January 17th, 2010 at 9:52 am
