How to Buy a Car After a Repo

A repossession doesn't end your ability to get a car loan. Here's how to get approved in Florida after a repo — including what lenders need to see and how long you have to wait.

Written by Dustin, General Sales Manager at Lee Auto Group Tampa, FL. About Dustin · All Articles · Get Pre-Approved

Call or text Dustin directly at (813) 727-7168. Visit Lee Auto Group at 4027 S 50th St, Tampa, FL 33619.

Frequently Asked Questions

How long does a repossession stay on my credit?

A repo remains on your credit report for 7 years from the date of the first missed payment that led to the repo. However, its impact on your score diminishes significantly after 2–3 years of positive payment history.

Can I get a car loan during an active Chapter 13 bankruptcy?

Yes, but you need trustee approval. Some lenders specialize in active Chapter 13 approvals. The interest rates are typically higher, and the vehicle value may be capped.

Should I pay off the deficiency balance before buying?

Not necessarily — it depends on your lender. Many subprime lenders approve buyers with outstanding deficiency balances. However, settling or paying a deficiency can improve your approval odds and the rate you receive.