They Took the Car – What a Repossession Really Does to Your Financial Life

A repossession does not begin when the tow truck arrives, and the financial damage does not end when the vehicle is taken.

In this episode of The Real Credit Talk Show, Tiana Mayers, also known as Lady T, breaks down what really happens before, during, and after a vehicle repossession—and how it can affect far more than your ability to purchase another car.

We discuss how missed payments can lead to repossession, what happens when the lender sells the vehicle, and why you may still owe thousands of dollars even though you no longer have the car.

In this episode, you will learn:

What happens before a lender repossesses a vehicleThe difference between voluntary and involuntary repossessionHow a repossession can affect your credit reports and credit scoresWhat happens when the vehicle is sold at an auctionWhat a deficiency balance is and why you may still owe moneyHow the remaining balance can be sent to collectionsWhen a lender may file a lawsuit or seek a judgmentHow a repossession can affect future auto loan approvalsWhy your next vehicle may come with a larger down payment and higher interest rateHow repossession can affect other areas of your financial lifeSteps you can take before and after a repossessionHow to begin rebuilding your credit and financial stabilityWhether your vehicle has already been repossessed, you are currently behind on your payments, or you are trying to prevent a repossession, this episode will help you understand your options and the potential long-term consequences.

Hosted by Tiana Mayers (Lady T) A Beyond Credit Limits Production

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