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My mom had 45 years of GREAT credit then…
My mom is the co-signer of my sister’s car.
It got repossessed and we got the car back.
My sister makes late payments.

I want to get a car now, and the only way is to get a loan.
Is her credit report going to be too bad to get the loan?

So, I helped my irresponsible sister, who is 4 years older than me btw buy a car. Its under my name and she is the co-signer. I got a letter in the mail yesterday from the lein holder saying that the car had been repossessed and if I wanted it back I had to send 4 months of non-payment by 11/09. I tried to call her but no answer of course so I called the lein holder to see what the deal was. They said she hadn’t paid in 4 months and the car was taken a week ago on 10/15, so I’m pissed right! Well, she is on the phone with someone while I’m on the phone with that guy making the 2000 dollar payment and arranging to get the car back today. Should I say screw it and take the car away from her even if she gets mad to save my credit or should I let her try again. She is the most irresponsible of the family and she HAS done this before. I know I was dumb to help her but I could hear my mom yelling in my ear to help her, she was always bailing her out of stuff. What should I do, she won’t return my calls? Should I just go get the car from her?
Didn’t clarify myself right, she made the 00 payment, not me. Should I take it anyway and start the payments? I can make the payments no prob cuz I own my home and just paid off my truck last month!

She is the co-signer on the lease and loan. The other people have stopped making the payments. The lease ends in July ’08. The car is just being stored. Does anyone agree that she should stop making the payments and let the car be repossessed? She doesn’t need a good credit rating at 82 years old. Would she incur any fees after repossessing took place?

Am I out of luck? So this is the story– My car was under mine and my ex husbands name. I fell behind on my payments because of a lay off. Once my car was repossessed I thought I’d just be able to call in and catch up on my payments and get my car back. I was very wrong. They want me to pay it off with them because my ex husband filed for bankruptcy. So I tried to refinance but didn’t qualify with my credit history. I tried to have a co-signer but the financial institutions said I couldn’t have a co-signer for a refinance unless I had no credit. Ok so went to Plan B. My cousin tried to get the loan for me. Now that’s not working because number one they said his name is not on the vehicle and number two they don’t refinance repossessed vehicles. I feel as if I’ve exhausted every option. Am I out of luck? Should I just give up now? It’s very hard for me because this car was my baby. I put a lot of work into it. Lots of aftermarket parts. I put a lot of money into this car and I feel helpless as far as getting it back.

Okay, please listen before making sarcastic comments. You don’t know my whole story and I am not going to go through the entire thing either (it is a book). I have fallen upon poor health issues and had brain surgery awhile back. I have not been able to work. I had a loan that I took out to help pay on some medical bills (I still have more out there that the insurance did not pay). I was making my payments every month and on time.

I got behind due to the lack of money and stuff. I have a child that come first. Well, anyway, my mother was a co-signer on my loan (I gave her some of the money to help her out on her bills too – long story). The car is in my name, but the place I have the loan through has the title to my car as collateral. So, now I believe they are just going to come and repo my car. How will this affect my mother? I mean will they go after her first or can I just let them have my car? She knows of the situation and does not want me to get my car repossessed, but I have no choice because I don’t have the money to pay on the loan for awhile. I even may have to file bankruptcy due to my medical bills that were not covered by insurance. They are that bad. I was trying to keep up with all payments but some of them will not accept payments and continually harrass me and tell me that my payments (doctor bills) are not good enough.

Any good advice would be appreciated, please no sarcastic comments.

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