HOW TO REMOVE A REPOSSESSION FROM YOUR CREDIT REPORT

$25.00

You Don’t Owe the Full Balance After a Repossession

Here’s the truth most don’t know:

After your car is repossessed, the lender usually sells it at

auction to recover some of the debt.

Under the FCRA and state laws, you should only owe the

difference between the loan balance (X) and the amount

the car was sold for (Y).

That means :

Remaining balance = X - Y

Not the full loan amount.

If your credit report still shows the original full balance,

you may have a legal claim.

You Don’t Owe the Full Balance After a Repossession

Here’s the truth most don’t know:

After your car is repossessed, the lender usually sells it at

auction to recover some of the debt.

Under the FCRA and state laws, you should only owe the

difference between the loan balance (X) and the amount

the car was sold for (Y).

That means :

Remaining balance = X - Y

Not the full loan amount.

If your credit report still shows the original full balance,

you may have a legal claim.