Repo

[jessegirl]

Does anyone know how long a repo stays on your credit? Not that it is going to matter cause there is going to be a chapter 7, but just wondering?

[justbroke]

If I were to guess, and that's what I'm doing, 7 years... just like any other negative item. Its' a statutory thing (how long things appear on the report).

The reason is, that the lender has charged-off your account due to missed payments (breach of contract), and this is no different than a normal charge-off (7 years for date of breach).

[Cali]

It stays on your report 7 years, unless the company gets a judgment. If there is a judgment and repo, it can stay a bit longer.

[justbroke]

Cali is right. If they get a subsequent judgment for the deficiency (amount due after sale), then that could last 10 years on your credit report!

[jessegirl]

Ok thanks

[NotFun]

Cali is right. If they get a subsequent judgment for the deficiency (amount due after sale), then that could last 10 years on your credit report!

Is this true even if a Deficiency Judgment is placed, and your ordered to make payments?

[justbroke]

Is this true even if a Deficiency Judgment is placed, and your ordered to make payments?

I don't understand the question. Is what true?

For Florida, I see you're in Florida, judgments stay on your credit report for 7 years. (It's a function of the underlying statutory law.) Judgments are good for 10 years with one 10 year renewal available.

Judgments are no fun. They are not like the Statute of Limitations... these things keep going and going and going. Up to 20 years for them to collect and attach (lien) property.

[Hopefull1983]

Citi Bank finally listed my recent surrender on my credit report. They listed it as a involuntary repo. I called them to find out what is still owed. They were actually very nice and said the truck was sold and still has a remainder balance of $12K. They wanted to settle on the phone for $7k. I was like huh thanks, but no thanks...call my attorney BUH-BYE!

[TEW]

Does anyone know how long a repo stays on your credit? Not that it is going to matter cause there is going to be a chapter 7, but just wondering?

I thought i had read that if it was IIB it shows IIB not a repo. Am I wrong?