Can I Buy a Car with Multiple Repossessions in My Credit History?

car buyer with multiple repossessions holding keys to car

While having one or more car repossessions can cause setbacks in your credit history, it’s not the end of the road. Not only is it possible for you to get approved for vehicle financing after a repossession, you can also rebuild your credit history over time. First, let’s take a look at how having a repossession can actually impact your credit.


How can a repossession affect my credit history?

According to Experian, a repossession mark on your credit report can last up to seven years from the original delinquency date.


How can I get approved for auto financing after a repossession?

While repossession can damage your credit, the good news is that the negative impact it has on your credit history can lessen over time. If your credit history contains one or multiple car repossessions, below are some ways you can get back on track in your credit and car-buying journey.


  • Pay the deficiency.

    Even if your car has already been repossessed, you may still be liable for any outstanding balance or fees—known as a deficiency—on your former vehicle. If you owe a deficiency, you can either pay off the balance in full, set up a payment plan with the lender or negotiate a settlement. Some lenders may ask for proof of financial hardship before agreeing to settle.

  • Save for a down payment.

    Saving for a down payment to purchase a vehicle may give you more purchasing power because it shows financial responsibility and can also lessen the amount you owe on your new auto loan or financing.

  • Start your credit approval with us.

    Credit Acceptance works with more than 12,000 participating car dealers across the nation to help provide credit-challenged car buyers with credit approval for auto financing. Simply fill out the auto finance pre-qualification form on our website to get started