How will paying for a car loan on a repo car affect my credit score?

Sunday, January 2nd, 2011 at 09:53

Question by MissJessica: How will paying for a car loan on a repo car affect my credit score?
My husband and I signed a ,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe 00. The loan company offered a settlement of 00 if we pay by the end of the month. Does this sound right to anyone?
How would it really affect my credit if I pay off the loan now?

Best answer:

Answer by Digger
Sounds like a great deal, and is not that uncommon. buy phentermine without prescription Paying off the outstanding balance on a repo can only help your credit.

HOWEVER, GET IT IN WRITING! Before you send that ,800 payment, make them put it in writing that ,800 will settle the debt and they will report it as PAID IN FULL. If they don't put it in writing for you, then after you pay ,800 they'll say your balance is ,200! (5000-2800) Collection companies are snakes!

Good luck!

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