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How long before a repossession of a car comes off credit report

San Diego, CA |

How long before a repossession of a car comes off credit report?

how long does auto repossession stay on credit report. I had gotten this car to help my sister out and she failed to keep up with payments now they have repossed the vehicle. I purchased two vehicles at the same time and couldnt afford both and both under my name. Is she responsible for any? Can I ask her to make payments How will this affect me if I want to buy a house or even have cosmetic surgey?. Is it fair to ask her to start paying for it she will be getting a divorce and has money from husbands pension. What to do?

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Attorney answers 1


First, your question does not indicate which state you are in, so state law may apply and modify this answer.

Under the Federal law -- FCRA (Fair Credit Reporting Act) this can be reported for up to seven years from the date of first delinquency -- in other words, the date you missed your first payment on the car.

If there was a deficiency balance (i.e. -- they repo'd the car and didn't get get enough for it at auction to pay off the note) then they may have gone to court and and gotten a deficiency judgment against you for the remaining balance. Depending on the state, the judgment will stay in effect for a period of years and can be renewed by the creditor. As far as I know, under the Federal law those are supposed to come off your credit report after 7 years, unless the statute of limitations for your case, under state law, is longer than that.

Often however, just because an item is supposed to come off your credit report, doesn't mean it will. Often you will have to go through a lengthy process of corresponding with the credit bureaus and the creditor to get it removed once the relevant reporting period has expired. Good luck!

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