How long does the repossession process take?
A repossession takes seven years to come off your credit report. That seven-year countdown starts from the date of the first missed payment that led to the repossession. When you finance a vehicle, the lender owns it until it is completely paid off. The vehicle is the collateral that secures the debt.
What happens if you sell a car with a loan on it?
When you owe more than your car is worth, you have to give the lender the difference between the sale price and what you owe. The buyer will pay the sale amount to the lender. The title will come to you, and the car will be yours alone. You can repay the bulk of the loan when the car sells.
How much will your credit score drop with a voluntary repossession?
A voluntary repossession will likely cause your credit score to drop by at least 100 points. This point drop is due to a couple of factors: the late payments that cause the repo and the collection account that is likely to result from it.
Where does the title go when buying a car in Georgia?
When you purchase a vehicle from a car dealer in Georgia, the dealer is required by law to handle the title transfer process and submit the application for a new title in your name. If you financed the car, the title goes to the lien holder (the bank or financing company), who retains it until you pay off the loan.
How long does it take to get a Georgia title?
Note: Every Georgia owner, other than a licensed dealer, must obtain a title in their name for the vehicle before transferring ownership when the vehicle requires a Georgia title. You have 30 days from the purchase or transfer date to register and obtain a license plate or to transfer your existing Georgia…
How much does it cost to replace a lost title in Georgia?
The following information is required: A completed and signed MV-1 Title/Tag Application. The mutilated (damaged) title, when applicable. $8.00 replacement title fee.
How to file a complaint against a car dealer in Ga?
You can also file a complaint against the dealer. If you purchased your vehicle from a franchise (new car) dealer that also sells used cars, you can file a complaint with the Georgia Department of Law’s Consumer Protection Division by calling 404-651-8600 or visiting www.consumer.ga.gov.