Almost 7 years ago I voluntarily turned my vehicle in for repossession.
I wasn’t behind, but I knew I couldn’t afford it and handle a mortgage since I was purchasing a house.
Fast forward to this day it is on schedule to be removed off my credit in January of 2014 according to my bank (auto loan department).
Other than this blemish my credit is not bad. I do have a couple credit cards that I pay on time and with almost no balance after payment. My credit has been used on several occasions and each time paid to satisfaction and maturity.
Unfortunately, life happens, so the auto loan dep. at my bank are apprehensive about loaning me money for a vehicle because of the repossession.
1…….If I contact the creditor to reach an agreement today or payoff and we don’t come to a common ground could this effect the 7 year removal off my credit? Question
2……..Should I let the auto loan dep know that my vehicle was a voluntary repossession and I was current with my payments at that time? Thx
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.My Bank Won't Give me an Auto Loan Because of My Past Repossession by Steve Rhode