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Posted in Auto Loans
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Question By
kennethcharles

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how bad would not paying for a car(lemon) hurt my score
dealer can't fix it

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Top Contributor
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Not paying any account

that reports to your credit report will ruin your score.  Each missed payment will lower your score by 30 to 50 points depending on where your score is now. The lower your score is, the faster it will go down.  Miss 3 or more in a row and your score will drop to 550 or lower and stay there for years.  Missed payments stay on your report for 7 years.  

If the car is indeed unrepairable, investigate your states "lemon laws".  There may be some recourse there. 

Good luck 

Top Contributor
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It would hurt your credit pretty severely if you were to stop paying on it. I would consider some other options, such as: speak to a lemon law attorney if it is a new automobile. You may be able to coerce the dealer in taking back the car if you (politely threaten) to go to the better business bureau, local media, etc. Kimmel&Silverman are lemon law attorneys, you might look up their website.

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