What affect will a repo have on my credit? We co-signed for this and now it has been repoed.

Get Legal Help Today

 Secured with SHA-256 Encryption

What affect will a repo have on my credit? We co-signed for this and now it has been repoed.

Asked on June 24, 2009 under Accident Law, Virginia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If it is reported (which is more likely than not, but not definite), it will have a negative effect on your credit; it's a piece of negative information regarding your repayment of debt. (More technically, it is the default or lack of payment that triggered the repo that has the negative effect, not the repo itself.)

If it's not reported, then of course, no effect.

The extent of any effect is very hard to predict--the credit rating agencies keep their formulas to themselves. It will be noticeable, though.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption