How does a car repo effect your credit when you refiance your home or auto loans?
In indiana and michigan, if your car is repod, you cannot buy a new/used car from a dealer for at least 7 years, even then, after the 7 yrs, your interest rates are going to be sky high. I dont know about refinancing your home, but id assume that you wouldnt find a lender that would let you do it.
You will be denied credit on at least the auto loan, the refinance would be problematic.........but you might be able to, it'd be sketchy though. Repos are a big hit to your credit report, and can remain there for at least seven years. Sometimes the lender will right it off as a bad debt, others keep the repo open, either ruins you. Try to do anything to avoid a repo, second job, whatever it takes.
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