How long does it take for a car repo to get off your credit report?
November 15, 2009 | Car
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Re: “How long does it take for a car repo to get off your credit report?”
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I’m attaching an answer to another persons question on this topic. It’s a really good answer that I think applies in your case.
The bottom line is you’ll still be responsible for the balance of the loan (approx $9,000 loan balance plus the repo fee, driver fee, and storage fees). Since it’s gone to collection, you may be able to negotiate 50 cents on the dollar.
Good luck. Cleaning credit takes time.
hi.
soury how are you.
Good question.
The time only starts over if you deal with the
collection agency. Please, don’t deal with the collectors.
Always talk to the original company.
It’s strange… it seems like the collectors lose records
once you make a payment.
Anyway, here’s a letter at bendover. it’s a cease and desist
letter. Take that you collector bottom feeders!
We owed $14,000 on the loan and they sold the car for $5,000 so are we still supposed to pay on the loan even though the car was resold?
You’re suppose to… that said, you know you can talk anything down. Normally, it will stay on your credit record for seven years. They have four to five years to take action in court (depending of state). After that it’s past the statue of limitation. There’s a letter for that,also.