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- Repossession leaves a negative mark on your credit history and damages your credit score123. A repossession stays on your credit report for seven years, which makes getting approved for a future auto loan more difficult24. Depending on where your credit score stands, a car repossession could drop it as much as 100 points24. The impact a repo has on your credit lessens as the years go by2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Repossession leaves a negative mark on your credit history and damages your credit score. It’s a one-two punch that can cripple your finances and limit your ability to get affordable financing in the future. A repossession stays on your credit report for seven years, damages your credit score and is a big red flag to lenders.www.debt.org/faqs/repossession/Depending on where your credit score stands, a car repossession could drop it as much as 100 points. In addition, a repossession stays on your credit reports for seven years, which makes getting approved for a future auto loan more difficult. The good news is that the impact a repo has on your credit lessens as the years go by.www.autocreditexpress.com/blog/how-does-a-car-r…Repossession of a car can seriously damage your credit history, and will likely have a significant impact on your credit scores — and your ability to qualify for new credit, goods, or services — while it appears in your report. Once the car is repossessed, the account will be updated to have a status of “repossession.”www.wards.com/resources/credit/guide-how-to-imp…The answer is seven years, starting on the date you stopped paying the loan. Having a repossession on your credit report can decrease your credit score by approximately 100 points or more.www.capitalone.com/cars/learn/managing-your-mo…
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