Bad Credit Agency

SPIFIMAN. Do you really think a repo. is really that bad?

You say:Auto finance is what I do for a living and a repossession without a bankruptcy is one of the worst things that can show on your credit. I had a repo in October of 2006 on a Ford Escape. My car was auction off and they got more for it then what it was worth and the balance was sent to me $347.00. In September of this year I purchase a brand new ford escape from the same dealer Sheehy Ford and it was financed through the same company Ford Motor Credit Company I had no problem what so ever purchasing another vehicle after my repo. and only put down $1,500. A repo made look bad on your credit report but you can still purchase another vehicle.

Public Comments

1. Quick, find a piece of wood and knock on it... HARD!! You should count yourself beyond lucky. For those not lucky people, which is most people that go through a repo, the end result is not so pretty. What ususally happens is a twofold nightmare. First, you lose your method of transportation AND have a derogatory placed on your credit that either forestalls your qualifying for a new vehicle or puts you in a position where you have to go to a company with predatory lending rates in order to finance. To add insult to injury, if the vehicle that you lose doesn't sell for enough to cover your loan, you end up with a deficiency balance. Isn't that great... they now want you to pay your hard earned money for a vehicle that you no longer have... and on a loan that is a negative on your credit. The second part of this nightmare comes if the lending company or their collection agency decides to file suit against you to collect that lovely deficiency balance. Depending on the amount due, you will likely be looking at hiring the services of an attorney to represent you in a civil trial. Most laymen wouldn't be able to answer the original summons, and if you didn't have an attorney you would have a default judgment filed against you.... You know, I could probably come up with more bad things that could and probably would happen to the average joe that has a repo take place. Like I said, you are the exception, not the rule. So, those that look at this as an example and figure "Hey, this poster said that a repo isn't so bad" should seriously think again.
2. Are you seriously bragging about having a repo and buying another car?