Reaffirmed Car Loan Repossession

Summary

If you let a reaffirmed car loan go into repossession in Tennessee, it will likely appear on your credit report and stay for up to seven years. You can try negotiating with the lender, disputing inaccuracies, or waiting for it to age off. Creditors can levy your bank account if they have a judgment, but certain funds are exempt. If a new contract is created after bankruptcy discharge, the discharge doesnt apply to it, and youre responsible for the new debt. Consult a local attorney for personalized advice.

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If i let my reaffirmed car loan go to repossession, will it show on my credit report?
Hello ****, in general, if you reaffirm a car loan and then let it go into repossession, this will likely appear on your credit report. However, laws can vary by location. May I ask where you're located?
Sevierville, TN
Hello ****, In Tennessee:
- If you let a reaffirmed car loan go into repossession, it will likely appear on your credit report.
- Negative information, like repossessions, can stay on your credit report for up to seven years.
How can i remove a repossession from my credit report?
In Tennessee, you may try:
- Negotiating with the lender: They might remove it if you pay the remaining debt.
- Disputing inaccuracies: If the repossession is inaccurately reported, dispute it with the credit bureau.
- Wait for it to age off: Negative information falls off after seven years.
Can they levy my bank account?
In Tennessee, a creditor can levy your bank account if they have a judgment against you. However, certain funds like Social Security, disability, and retirement benefits are usually exempt from levies.
What states cannot levy your bank account
In the United States, most states allow bank account levies. However:
- Certain states may have stricter laws, making it harder for creditors.
- Some states protect a certain amount of money in your account.
It's best to consult with a local attorney for accurate information.
What is the car company is not reporting my car loan. Will it still show as accurate?
If the car loan company does not report your loan, it may not appear on your credit report. However, if they choose to report it later, it can still show up. Accuracy depends on the information the loan company reports.
What if they created a new contract after the bankruptcy was discharged
If a new contract is created after a bankruptcy discharge in Tennessee:
- The discharge doesn't apply to it as it's a new obligation.
- You're responsible for the debt under this new contract.
- It may affect your credit report.
Remember, always consult with a local attorney.