What is the best way to get a repossesion removed from your credit report?
I have a truck that was repoed about 6 months ago and I just want to know is there someway of getting it removed without having to pay.
Auto finance is what I do for a living and you can’t not even by paying it.
As long as the information is correct it will show for 7-years from the date of first delinquency paid or not per the Fair Credit Reporting Act (Federal law).
You can expect your lender to sue you in court for the balance owed plus all fees for towing, storage, reconditioning, auction, lawyers, interest and any thing else they can think of.
This will most likely end up being several thousand dollars and after they get a judgment from the courts they can and will attach bank accounts, garnish wages (if your State allows it) and file liens on any other real property you may own like cars, boats, land and homes.
All of this will show for 7-years making it very hard to get any other type of loan’s without making massive down payments, paying huge fees and State maximum interest rates.
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