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My Hummer Was Picked Up. – Tammi

Written by Consumer

April 2012 Hummer was picked up. We are dealing directly with the lender. It is on credit report but his credit has not gone down. We are making monthly payments.

We are wanting to maybe buy a new home. Are we going to have to wait a certain length of time before buying one? Does the repo have to be paid off before we do?

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Consumer

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3 Comments

  • Tammi,

    I had a car repossessed in 2000 that I had been current on.  Turns out the finance company accidentally put my account in for the repo.  It was a lot of legwork, but I got the car back and it didn’t affect my credit since it was their mistake.

  • Tammi,

    A repossession leaves a big red R on a credit report that is obvious to every lender. If a lender offered a home mortgage at all it would not have the best terms. And paying off the auto loan does not automatically remove the R. It will likely stay for the normal seven years.

    Certainly paying off any debt helps the credit report and it is a good thing to do but you may also have to wait a few years before getting a mortgage on good terms.

    Good Luck!

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