On Apr 3, 3:20 am, wrote:
In article ,
says...

A few months ago my inexperienced son bought a car at a used car lot.
The car was trouble from the start. Last week the head gasket blew,
making the car a total loss.

The used car lot had financed the sale themselves.

Will non payment of the $900 balance owed screw up his credit rating?


It almost certainly will. He owes the money and they will likely go
after him, turn
it over to collections, etc.



If the creditor reports the debt to credit bureaus or turns it over to a
collection agency that reports to credit bureaus, then yes, it will
screw up his credit rating.

Failing to pay a loan is *very* bad for your credit rating. Not as bad
as a bankruptcy, but a lot worse than simply paying late.

--
is Joshua Putnam
http://www.phred.org/~josh/
Braze your own bicycle frames. See
http://www.phred.org/~josh/build/build.html