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bscottprice

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What happens when I pay off a repossession?

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Unless as part of your "negotiation", you get them to agree to a "pay for delete", it will show up on your credit report as Paid In Full.   After a couple of years, a Paid In Full effects you a lot less than an unpaid collection.   

The best result would be to negotiate the "pay for delete" however.  Depending on how old the debt is, you may be able to negotiate this for less than the amount owed.   Offer 20-25% with the added condition of being deleted from your reports.  Likely, they'll counter offer their own discount.  Make sure to insist on the "pay for delete".   Whatever you do agree to, get all of the terms in writing before paying anything!

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