There is an indirect relation between Loan Modification and Credit Score. People who qualify for a loan modification are those who do not have enough money to pay their existing auto loans. With more number of individuals having a hard time keeping up with their bills, it is not surprising that so many finance companies, banks and automobile dealerships are concerned with the ability of their consumers to make their payments. However, there is some confusion in the relationship between credit score and loan modification
Repossession is a term generally used when banks and other financial institutions take back an object that was given to an individual as rent, lease, etc. The party who has the 'right of ownership' takes the object from the party with the 'right of
All are not ready to pay the high interest rates and monthly payments for their vehicle. And if they miss out on timely payments then banks may even send them a notice for repossession. Repossession affects your credit score badly and remains there for almost seven years. The best thing you can do here is go for an auto loan modification.
There is an indirect relation between Loan Modification and Credit Score. People who qualify for a loan modification are those who do not have enough money to pay their existing auto loans. With more number of individuals having a hard time keeping up with their bills, it is not surprising that so many finance companies, banks and automobile dealerships are concerned with the ability of their consumers to make their payments. However, there is some confusion in the relationship between credit score and loan modification
Repossession is a term generally used when banks and other financial institutions take back an object that was given to an individual as rent, lease, etc. The party who has the 'right of ownership' takes the object from the party with the 'right of possession' when this party fails to pay the periodical amount to the other party. Car/ auto repossession is the most common of all types.