My husband had a repo on his lease. It was paid on time but he didn%26#039;t return it on time to the dealer, so they picked it up. Now they are telling him either buy it cash (cannot offer finance anymore) or will sell at auction and he will be responsible for balance and mileage, etc. I can%26#039;t get the cash, it%26#039;s about $4500. Would he be able to get a loan for that somewhere? Would this repo affect his credit so bad that he won%26#039;t even be able to get a loan on a $8-9K car? We are thinking on buying a used car under 10K for him to keep low payments but I don%26#039;t know what my options are now. If he can%26#039;t get a loan, how long would he have to wait to get his credit in better shape for him to get in a car again?
Will a repo affect buying a car again?
usually any kind of repo on your record is a no go...sorry.
Will a repo affect buying a car again?
whats a repo
Will a repo affect buying a car again?
A repo will kill his credit. He won%26#039;t be able to get a loan with his credit report showing a repo. It doesn%26#039;t matter how much the loan is for or what you intend to do with the money.
You can forget about a car loan, a house loan, a new credit card or anything that requires a credit check.
Will a repo affect buying a car again?
What%26#039;s the matter with you two?? You want ANOTHER car with another payment?? Just borrow the $4,500 on the lease car from your bank or credit union and keep IT!! It will be paid off in no time, you won%26#039;t have a repo on your credit report and you will have a paid for car.
Sheeze....
Will a repo affect buying a car again?
You will not be able to finance a car in the future, and certainly not add the repo balance on to your new car loan. You likely will need a cosignor, a large downpayment, and you%26#039;ll pay a high interest rate. You will also be liable for the balance on the repo. A repo will stay on your credit for seven years, so yes, it will have a bad effect for a long period of time.
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