How do repossessed cars affect your credit rating?

1 Answer

Answer :

A car reposession will leave a major black spot on your credit rating for 7 years.

Related questions

Description : What do they do with repossessed cars ?

Last Answer : They check them out and resell them after that for a cheap price.

Description : What happens to cars after they have been repossessed?

Last Answer : They get resold as used cars to make some of the money back.

Description : How can I buy Repossessed Cars from bank or title lender?

Last Answer : These entities regularly auction off repossessed cars. Places and times vary by bank and region, so call the banks in your area to get started.

Description : Where can I find cheap repossessed Cars?

Last Answer : Your local car auction can provide you with a great selection of repossessed cars and trucks. You can contact banks and lending istituions for a list of cars tey have for sale most cars are sold at auction.

Description : Where online can I go to find repossessed cars for sale?

Last Answer : Autobidmaster.com is a site where you can bid on those cars that have been repossessed. It offers a wide range of of models and locations of where the vehicles are being listed.

Description : If my car gets repossessed, how long until my credit will be in good standing?

Last Answer : You're better off calling the lender and seeing if there is anything you can do. They don't want to repossess your car any more than you want to have it repossessed, but if you simply stop making payments ... can be repaired, but it's a lot less work to just avoid damaging it in the first place.

Description : Will voluntarily cancelling a credit card adversely affect my credit rating?

Last Answer : I have been told it is a negative on your credit report but I had a couple on my report I had canceled and had no trouble arranging a home loan (a legit home loan through a local bank).

Description : Would raising your credit limit negatively affect your credit rating/score?

Last Answer : I'm not 100% sure about this, but every financial guidebook I've ever read said to keep getting your limit bumped every year if you need it or not. If it were harmful to your credit, I don' ... be so widely advocated for. Therefore, my best guess is that it's neutral/beneficial to your credit score.

Description : My wife and I are totally disabled. We are on a fixed income. Military/ssn income. We had to foreclosure on a rental house,how is this going to affect our credit rating. Up to now we were in the 740 range?

Last Answer : A foreclosure will severally hurt your credit rating but you need to avoid using credit it costs you more than you can earn in the long run due to interest. Just save to buy what you want.

Description : Can my car be repossessed if it's in my garage?

Last Answer : Totally fine. The car needs to visible to repossess. They can’t just break in thinking it might be there.

Description : If you believe in karma, what are your thoughts on acquiring a house or a vehicle, as examples, that have been repossessed/foreclosed?

Last Answer : I would still buy it. You did not take away the house from them, so karma is not involved. The house, has been taken away, regardless of whether you buy it or not. It might sound cold hearted, but if ... the case, and the deal is good and the house looks like a good investment, i say go for it !

Description : A Repossessed Car Can Be Your Dream Deal?

Last Answer : Some of the best cars to buy are repossessed cars. If you're inthe market for a used car, someone else's financial misfortunecould turn into a spectacular deal for you. Most auto loancompanies ... stolen. The fact is that most repossessed cars weredriven and used responsibly and reliably. If you w

Description : Where can I find repossessed car auctions in Florida?

Last Answer : Visit www.gov-auctions.org and search for auctions in any zp code in the state of Florida. You can also contact the site for further information

Description : Can a truck that is disassembled for repairs be repossessed in Arkansas?

Last Answer : If the company has grounds for repossessing it, yes. Just because you're not using it doesn't mean you don't pay for it.

Description : Does payment amount make a difference on your credit rating?

Last Answer : answer:Wrong wrong wrong wrong wrong. Did I mention that is wrong? Pay it off. If you pay it off in full each month, and do it on time and regularly, you get just as good or maybe even a ... . If you value your future, do not waste money that way. Worry about your finances, not your credit rating.

Description : Now that I have been approved for a fair rating credit card, why am I receiving all these pre approved offers?

Last Answer : answer:Pre-approved does not actually mean you are pre-approved. Be sure to read the fine print on all the junk mail you are receiving. Credit card companies are like vultures and want you under thier umbrella for all the money they can extract from you. Do not play their game.

Description : Does paying off a settlement on your credit card balance harm your credit rating?

Last Answer : No

Description : Do we care if S&P lowers the US credit rating?

Last Answer : I’m hoping for it. The measures used to gauge a “good economy” have consistently proven themselves to be entirely the interest of the rich, and have little to no bearing on the poor working class and middle class.

Description : What type of a credit rating will I need to get a standard bank loan?

Last Answer : You need to have a score over 700 to get a standard loan like for a car or house. You might ned less for a small personal loan.

Description : Where can my friend find information on credit rating agencies?

Last Answer : He could probably find out about them if he found out what his credit score was, then use the given credit score to get an accurate rating. If that doesn't work, he can fill out a form to get contacted by phone to discuss the ratings.

Description : Are there services online to help me find my current credit score rating?

Last Answer : There are services online to help you find your current credit score rating. You can go to MyFico.com or www.experian.com/credit-education/basics.html.

Description : Where can I find information on my credit score rating?

Last Answer : There are number of places you can find your credit rating. Many of them let you check your score once a year for free. Equifax is just one example. http://www.equifax.com/

Description : Where am I able to check my credit rating score?

Last Answer : There are many websites online that allow someone to check their credit score: freecreditreport.com is one of them. One free credit is allowed annually; otherwise, one of the three credit bureaus must ... PLUS score, and TransUnion's credit score). Another option is to purchase the score from FICO.

Description : How do I improve my credit rating?

Last Answer : The best way to improve your credit score is to pay off any outstanding debts you may have. You can find out more ways to improve your credit rating you can visit http://www.aaaprocreditsolutions.com/adwords/?gclid=COv177G7_KkCFQFN4AodU28vVQ

Description : What websites offer a free credit rating score?

Last Answer : Some websites that offer a free credit report include www.annualcreditreport.com. You can also get your score and report directly from FICO for a fee of around $8.

Description : What is considered a bad credit score rating?

Last Answer : A credit score rating is not hereditary. If your parents have bad scores, it doesn't affect you, unless they are deadbeats and applied for a loan under your social. You build your own credit score, which under 650 is generally considered poor.

Description : Identity Theft and Free Credit Rating Score?

Last Answer : Your credit score is in danger of being affected in negative ways in case of identity theft and it would take time to remove any fraudulent purchases from your record. If your identity has been stolen in ... should be sent to you free after you have sent in a police report on the identity theft.

Description : How to Improve Your Credit Score Rating?

Last Answer : Due to the high rate of loan defaults over the past few years, banks rely heavily on a borrowerï ½s credit score to ensure that they will pay back their loans as agreed. ï ½ If you have a ... your score.ï ½ Paying these down will result in an immediate improvement to your credit score rating.ï ½

Description : Credit Rating Score and Your Wallet?

Last Answer : People with a lower credit rating score present a higher risk to lenders than those with a higher credit rating score. Therefore, those who present the highest risk will receive the highest interest rates ... speaking, those with a 750 credit rating score do default less than those who a 650 score.

Description : Which amidst the following is not a credit rating agency? (1) CRISIL (2) CARE (3) ICRA (4) IFCI

Last Answer : (4) IFCI Explanation: A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations as well as the debt instruments themselves. In ... financial consulting services across India, as well as in the Asia-Pacific region through its subsidiaries.

Description : ICRA, CRISIL, and Standard and Poor‟s (S&P) are ______ A. Financial Institutions B. NGOs C. NBFCs D. Credit Rating Agencies

Last Answer : D. Credit Rating Agencies Explanation: A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor s ability to pay back debt by making ... payments and the likelihood of default. Example:- ICRA, CRISIL, and Standard and Poor s (S&P).

Description : CRAR stands for _________ A. Capital to Risk-Weighted Assets Ratio B. Capital to Risk Assets Ratio C. Credit Rating-Weighted Assets Ratio D. Credit Rating Assets Ratio

Last Answer : A. Capital to Risk-Weighted Assets Ratio Explanation: The Capital Adequacy Ratio (CAR) or Capital-to-Risk weighted Assets Ratio (CRAR) is a measure of a bank s capital. It is ... It is used to protect depositors and promote the stability and efficiency of financial systems around the world.

Description : Which of the following was the first credit rating agency of India? A. CIBIL B. Equifax C. CRISIL D. ICRA E. Experian

Last Answer : A. CIBIL Explanation: Credit Information Bureau (India) Ltd; CIBIL is India s first Credit Information Company, also commonly referred as a Credit Bureau. We collect and maintain records of ... licensed by the RBI and governed by the Credit Information Companies (Regulation) Act of 2005.

Description : The headquarters of Investment Information & Credit Rating Agency(ICRA) Limited is located in _________ A. Mumbai B. New Delhi C. Noida D. Gurugram E. Hyderabad

Last Answer : D. Gurugram Explanation: ICRA is second largest Indian rating comapany in term of customer base. It was a jointventure between Moody‘s and various Indian commercial banks and financial services companies. Headquarters is in Gurgaon (Haryana),India

Description : SMERA has been registered under _______ A. Securities and Exchange Board of India Act, 1992 B. Reserve Bank of India Act, 1934 C. Banking Regulation Act, 1949 D. Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 E. None of these

Last Answer : D. Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 Explanation: SMERA has been registered under Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999.

Description : Credit Rating Agency, SMERA accredited by ________ A. SEBI B. SIDBI C. NABARD D. RBI E. None of these

Last Answer : D. RBI Explanation: The Company has received accreditation from the Reserve Bank of India (RBI) as an External Credit Assessment Institution (ECAI) under BASEL – II norms for undertaking bank loan ratings.

Description : Which is a full service credit rating agency exclusively set up for micro, small and medium enterprises? A. CRISIL B. ICRA C. CARE D. ONICRA E. SMERA

Last Answer : E. SMERA Explanation: SMERA Ratings Limited (formerly SME Rating Agency of India Ltd.) is a full service credit rating agency exclusively set up for micro, small and medium enterprises.

Description : A Credit Bureau is governed by _________ A. Securities and Exchange Board of India Act, 1992 B. Reserve Bank of India Act, 1934 C. Banking Regulation Act, 1949 D. Securities and Exchange ... of India (Credit Rating Agencies) Regulations, 1999 E. Credit Information Companies (Regulation) Act of 2005

Last Answer : E. Credit Information Companies (Regulation) Act of 2005 Explanation: A Credit Bureau is governed by the Credit Information Companies (Regulation) Act of 2005.

Description : What is/are the credit rating agencies approved for the acceptance of public deposits by an HFC? A. The Credit Rating Information Services of India Ltd. (CRISIL) B. ICRA Ltd. C. Credit Analysis and Research Limited (CARE) D. FITCH Ratings India Pvt. Ltd. E. All of the Above

Last Answer : E. All of the Above Explanation: The HFC having credit rating can accept more deposits as compared to an HFC without such rating. The following credit rating agencies have been approved for the above ... ♦ ICRA Ltd. ♦ Credit Analysis and Research Limited (CARE) ♦ FITCH Ratings India Pvt. Ltd.

Description : Credit rating _______ A. is used to rate the borrowers while giving advances B. is used to work out performance of the employees C. is used to calculate the number of excellent audit rated branches D. is not used in any bank E. is necessary before giving promotion to employees

Last Answer : A. is used to rate the borrowers while giving advances Explanation: Credit rating is an analysis of the credit risks associated with a financial instrument or a financial entity. An assessment of the creditworthiness of a borrower with respect to a particular debt or financial obligation.

Description : Which of the following is the Regulator of the credit rating agencies in India ? A. RBI B. SEBI C. SIDBI D. GOI E. None of the Above

Last Answer : B. SEBI Explanation: The capital market regulator regulates rating agencies in most regions. In India, the capital markets regulator, the Securities and Exchange Board of India (SEBI), regulates the rating agencies in the country.

Description : The credit default spread method of valuation of a guarantee given by a parent company on behalf of its subsidiary involves estimating the value ____________. a) using credit default spread based on ... guarantor c) based on probability of default d) of the guarantee using an option pricing model

Last Answer : a) using credit default spread based on the credit rating of the subsidiary

Description : ______ is used to estimate the worthiness of the credit for company, country or any individual company. .(a) credit evaluation b) Credit rating c) both )

Last Answer : b) Credit rating

Description : _____ is useful in differentiating credit quality. .(a) Credit rating b) credit evaluation c) both )

Last Answer : (a) Credit rating

Description : ______ is an isolated function of a credit risk evaluation.(a) Credit rating b) credit evaluation c) both )

Last Answer : (a) Credit rating

Description : _____ is a process of evaluating risk associated with the credit instrument.(a) Credit rating b) credit evaluation c) both )

Last Answer : (a) Credit rating

Description : Credit rating is an expression of credit rating agencies regarding debt instrument on a specific date on______. (a) Risk evaluation b) Product c) services)

Last Answer : (a) Risk evaluation

Description : The limitations of credit rating include______.(a)Rating changes b) Industry specific c) both)

Last Answer : c) both)

Description : ______ is the opinion of the rating agency on the relative ability and willingness of the issuer of the debt instrument to meet the debt service obligation as and when the arise. (a) merit rating b) credit rating c) rating by merchant banker )

Last Answer : (a) merit rating

Description : Which amidst the following is not a credit rating agency ? (1) CRISIL (2) CARE (3) ICRA (4) IFCI

Last Answer : IFCI