Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear that this happened.
What are your questions for a lawyer about repossession? What state are you in?
What are you questions about having the car taken? Were you behind on the payments?
First, check the terms of your loan. There is sometimes an acceleration clause that says you must pay the full outstanding balance on the loan to get the car back.
There's unfortunately no way for us to calculate the exact number of points that your score will decrease - it depends on multiple factors, including your current credit rating. Your credit score could drop significantly - up to 100 points. Most of the damage is done right away. Overtime, as you continue to pay your other debts, your score will come back up. That can take a few years, though. The late payments will remain on your credit even if you are able to pay them, and that will also cause your score to drop, even if you are able to redeem the loan and get the car back.
There is a tool on www.creditkarma.com that can help you estimate your credit score based on various scenarios. That's a free site (no credit card required).
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