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what will happen to me if I co-signed for an auto loan and the vehicle got repossessed?
24th September 2009
I know that my credit score will have an effect on this issue. The vehicle got repossesed in january and it seems that there is still a balance of 27. What happens if I start paying the balance, will my credit score go up again, will the negative of the repossession be erased from my credit history? Any help would be appreciated.
Posted in: Auction FAQ | | Comments (2)
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By co-signing, you agreed to make the payments if the primary did not.
The finance companies will generally work with you to catch the payments up current, and let you keep the vehicle…within a certain time frame.
If the payments are not made, the vehicle will go up for sale/auction, and whatever balance is left after the sale, you will be responsible for.
Example, the loan has a remaining balance of $10,000.00, and sells for $5,000.00, then you pay the remaining $5,000.00 out of your pocket.
It will also reflect on your credit score regardless, because it has already been repossessed, and your name is on the loan as well.
Comment by frank — September 24, 2009 @ 11:28 am
The repossession will stay on your credit report for 7 years, sorry, that’s just the way it is. Paying it will help increase your score over time, but not automatic. If it’s not paid, they can and will sue, get a judgement, garnish wages and or bank accounts up to 100% Good Luck!
Comment by S P — September 24, 2009 @ 11:28 am