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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 29312
Experience:  Lawyer
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My car was just repossessed.

Customer Question

My car was just repossessed.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Lucy, Esq. replied 1 year ago.


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?

Customer: replied 1 year ago.
Expert:  Lucy, Esq. replied 1 year ago.

What are you questions about having the car taken? Were you behind on the payments?

Customer: replied 1 year ago.
No phone calls please.
How many points will this lower my credit score if I pay the 3 or 4 past due payments to get back my car?
Expert:  Lucy, Esq. replied 1 year ago.

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 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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