| In short, an auto repossession will drastically affect | | | | in. This will create havoc with your credit score and will |
| your credit rating. If you are facing a vehicle | | | | make it very difficult to obtain credit for this length of |
| repossession, continue reading to see how it can | | | | time. |
| affect you, what to expect, and how to fix it. | | | | If you feel you are headed for a repossession, it is |
| To begin with, you can face repossession after | | | | best to contact your creditor, explain your situation, and |
| missing one or more payments on your vehicle loan. | | | | try to work something out. It is often possible to work |
| Despite popular belief, if you miss just one loan | | | | out a payment plan with your creditor, thereby saving |
| payment, the creditor can legally move to repossess | | | | your credit score from a big hit. |
| your vehicle. It is not necessary for multiple payments | | | | If your vehicle is repossessed, you will be responsible |
| to be missed. The creditor will usually make calls to | | | | for any repossession fees, towing charges, storage |
| you and send one or more letters. | | | | fees, and any other costs associated with the |
| If you do not bring your loan up-to-date or make | | | | repossession. These costs can add up quickly and can |
| arrangements to get back on track, the creditor can | | | | end up being several hundred dollars. |
| move forward to repossess your automobile. If you | | | | It is important to understand the repercussions of |
| attempt to work with the creditor, you may be able to | | | | repossession. If auto repossession occurs, not only will |
| keep this from happening. | | | | you lose your vehicle, your credit rating will be |
| A repossession can remain on your credit history for | | | | damaged for quite some time. |
| seven to ten years, depending upon the state you live | | | | |