Repossession

A repossession shows on the auto loan itself: the late payments month by month, then a repossession status. It can stay up to seven years, timed from the delinquency that led to it. If the car sells for less than you owe plus the costs of taking and selling it, the lender can pursue the difference, called a deficiency, which may become a collection or a lawsuit.

The FTC explains that in many states a creditor can repossess once you're in default, and rules on notices, the sale and deficiencies vary by state. A voluntary surrender carries its own code, such as VS on TransUnion's key, but it still sits on top of the missed payments that led to it. If you're falling behind, talk to the lender before default about options such as a deferral.