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Posted in Auto Loans
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Question By
tmaxbarsto

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0 People Helped
can repossesion be removed
I had a vehichle repossesed one day, I made arrangements and paid off the entire debt the next day. because of the quick payoff, is it possible to get the repossesion removed from my credit

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Repo will stand

Helpful to 2 out of 2 people

When a bank repos your car, it has to do it legally and abide by many rules and procedures. One of them is to code your account on the computer that your car has been repoed. This in turn informs all the bureaus of the repossesion. This procedure can not be reversed unless the bank repoed your car illegally or unjustifiably. Most repos, however, are legit. Banks will not grant you the favor or courtesy of removing your repo since you incurred the bank many costs in collecting your debt, including a repo fee, which is generally $350 to $550. Furthermore, the average loss for a bank on a repo is approximatley $7,000. But time does heal all wounds and a repo will eventually be removed from your credit in 7 years. 

Reply by
tmaxbarsto

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Thanks, not exactly what I wanted to hear, but sometimes the truth hurts. Thanks again

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