RM83

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I had a repossession many years ago. I wonder if it will show up on my credit report?
 

bombast

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I wonder where I stand on this, since I technically don't have (taxable) income.

I had a repossession many years ago. I wonder if it will show up on my credit report?
Repossessions, like a lot of negative credit report hits, stay on your report for 7 years. May be worth checking on even if you're past that time though - Sometimes negative statements stick on past their expiration for reasons that wouldn't be apparent to you. I had to contest all three credit reports because I forgot to return a cable modem a decade ago and companies were selling that debt to each other, making it seem newer than it was supposed to be.
 

jtpc2021

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I don't get what this is. Dealers will always make a way to get a customer in a car. I have great credit, but even if you didn't, its not like the finance guy won't find a way to get someone in a car they can't afford.
 

JohnHartshorn

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I definitely meet all these criteria.
What exactly does tier 1-4 represent?
What is the Flex-Buy 66 months?
Ford's exact ranges may differ slightly, but here it is in a nutshell:

TIer 1 is a credit rating (above 720 - 850) Best interest rate.
Tier 2 is 660-719 Reasonable interest rate
Tier 3 is 620-659 You're not gonna like the terms
TIer 4 is 300 - 619 You're getting screwed on the interest rate.
Tier 5 is below 300 You ain't getting a loan at any interest rate. Be prepared to pay cash or have a great co-signer.
 

bombast

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I don't get what this is. Dealers will always make a way to get a customer in a car. I have great credit, but even if you didn't, its not like the finance guy won't find a way to get someone in a car they can't afford.
They're offering a 1 tier enhancement for people who land on the upper half of their credit scale. Or at least that's how I'm reading it. The equivalent of treating you like your FICO score is 820 when its actually 790.
 

JohnHartshorn

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I had a repossession many years ago. I wonder if it will show up on my credit report?
You can run your own credit report for all 3 major agencies (and at least 2 minor ones - one deals with utility reporting, I think the other is strictly medical reporting) for free right now (beyond the ususal 1 time per year. As COVID winds down, it may revert back to just once a year here shortly.
 

Jlemke

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I had a repossession many years ago. I wonder if it will show up on my credit report?
Usually anything over 7 years should drop off.
 
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