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If your car is repossessed by a here pay dealer does it affect credit?

If your car is repossessed by a here pay dealer, it can negatively impact your credit score. Here pay dealers often report repossessions to credit bureaus, and a repossession can remain on your credit report for up to seven years. This can make it difficult to obtain a loan, a mortgage, or other forms of credit in the future.

In addition to the impact on your credit score, a repossession can also lead to other financial consequences, such as:

* You may be responsible for any unpaid balance on the loan, even after the car has been repossessed.

* The dealer may sell your car at auction, and you may not receive any of the proceeds from the sale.

* You may be required to pay any fees or costs associated with the repossession, such as towing fees and storage fees.

If you are facing the possibility of repossession, it is important to take action immediately. You may be able to work with your lender to modify the loan terms or make other arrangements to avoid repossession. If you are unable to reach an agreement with your lender, you should seek the advice of an attorney.

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