If property is reposes, for example an automobile, how is this reflect on your credit report? Is it the full amount of the loan? Even thou the car/property is no longer in your possession?
no only will be a negative on your CR,but once the car is sold at auction to an individual,or dealer you are still on the hook for the balance remaining.so yes a repo is bad for your credit.
It would absolutely be negative to your credit. Even though you may be off the hook for the immediate payments to be made, you have to remember that you are going to be struggling with this on your credit report for a while. It may make it more difficult to buy other cars (or large investments) in the future.
okay
no only will be a negative on your CR,but once the car is sold at auction to an individual,or dealer you are still on the hook for the balance remaining.so yes a repo is bad for your credit.
It would absolutely be negative to your credit. Even though you may be off the hook for the immediate payments to be made, you have to remember that you are going to be struggling with this on your credit report for a while. It may make it more difficult to buy other cars (or large investments) in the future.