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Posted in Auto Loans
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Question By
Jennn1987

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I had a car repossessed. Why isn't it showing up on my credit report?
I had a car that I was financing through a local bank that was repossessed about 8 years ago. I can't understand why this and many other debts are not showing up on my credit report.

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First, the bank is under no obligation to report the bad credit to the bureau.  Reporting is voluntary and not all credit places report.   Second, you said 8 years ago, this is beyond the 7 years that negative items can be included on your report, if you are just now looking at your credit, it may have been there and removed.  

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Reply by
faidros

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When an auto is repossessed, the auto must go to an auction and sold to the highest bidder.  The amount collected is then used to offset the amount.  Perhaps the amount was sufficient to cover your negative balance.    Also, if the bank thought they could make more money by selling the car outright and did not comply with the law on Collections, they can't collect and can't post any balance owed.   The in fact, make forgiveness on the amount and forget it when they don't comply.

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I think this maybe the very first time I see someone who actually wanting their baddies remain on their reports. 🤗

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