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Posted in Auto Loans
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Question By
Angela1013

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Car repod. one day, received another loan the next. How will it affect my credit
The company stated that I was late on 18 payment, but my credit report and back account show that they were paid each month on time. They have refuse to give my car back unless I pay it off in full. Since I do not have $8000 just sitting around I had to go out and purchase another vehicle. My question is how will the repo affect my credit score and want will the new loan do to it?

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So, you can prove that you were never late and they reposessed the car?  If that is the case, I'd be contacting a lawyer and suing.  Repo will hurt your credit score.  If car was repo'd and sold at auction, they can only come after you for any amounts left over from proceeds of auction.  This all sounds very fishy, I would definitely check into it because the repo and new loan will hurt your credit.

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