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Posted in Auto Loans
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Question By
Yhaddy

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4 People Helped
I have a repo on my credit report, the company filed a profit/loss what can I do to get this off ?

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When th-e vehicle was repossessed, the company had to sell it at auction and hoped to get at least what you owed on the contract.  If they didn't get at least that amount, they have the right to bill you for the amount remaining on the contract and this can remain collectable until paid in full, depending on the laws in your state.   

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Wow, seriously?   Just because they reported it as a loss doesnt mean you get out of it free and clear.  It will still remain on your report for up to ten years,  OR however long your state allows it to.  They can and will come after you for the remaining amount.  You probably wont even be able to get any kind of decent credit lines for a very, very long time.  If you cant pay the remaining balance,  then be prepared to have your wages deducted.

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