A Car in Repo Status

I have an account on a vehicle that went into repossession and also to collections. I do not have possession of vehicle, however i would still like to pay off the account for credit purposes. (An ex-friend has taken the vehicle, that's another subject) Would it be possible to gain ownership of vehicle at this point after I pay off the collection in quick amount of time?

Comments for A Car in Repo Status

Click here to add your own comments

May 03, 2011
Repo Car
by: DebtCollectionAnswers.com

This is a tricky one. Paying off the repossessed vehicle isn't likely to help your credit scores. However, it could prevent you from being sued for the debt. If you are going to try to resolve this, our best advice is to get any agreement in writing before you pay the debt.

We hope that helps!

Click here to add your own comments

Return to Debt Collection Questions.

Learn how debt collection laws can help you!
This website does not provide legal advice.
All information is for educational purposes only.
Copyright 2007 - 2017 by Mary Reed and Gerri Detweiler.
All rights reserved.

Disclosure: We may receive compensation for marketing some of the services mentioned on this site. Above all though, our goal is to recommend products and services we believe can help our readers. You can learn more here.