When a car is repossessed, it can significantly impact your credit score. The repossession will be reported to the three major credit bureaus (Equifax, Experian, and TransUnion), and the lender will likely report the unpaid balance as a debt. This can significantly lower your credit score, making getting approved for a car loan more difficult. It’s important to understand the potential impact of repossession and to take steps to rebuild your credit score to ultimately lead to getting a car after repossession.
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