I feel bad i was in hard times, and my car got repo-ed, i had a co-signer, how will it hurt both credits and my chance to get a car on my own?
2006-07-30 16:10:21 · 12 answers · asked by this is me... 2 in Cars & Transportation ➔ Other - Cars & Transportation
i dont know what to say .... my car got repoed like 12 yrs ago and i didnt have a co-signer when i got it.. so ..um... there is all kinds of hard times out there i hit rock bottom of my life about 7 months ago and i have since turned my life around and my credit sux ...but i feel 4 u cause ur co-signer is gonna pay dearly 4 that ... not trying to be mean ..... but i would bust my *** and pay up on that car and get it back from repo and u can still fix ur credit as well as theirs.... i wish ya the best
2006-07-30 16:40:43 · answer #1 · answered by mike j 2 · 1⤊ 1⤋
Your co-signer is going to LOVE you!
Seriously, if you needed a co-signer, you probably had no credit or bad credit in the first place. Your co-signer, on the other hand, must have had better credit. Hence, by default, your co-signer is going to sustain more damage. Also, there are so many cars being repossessed at the moment that some creditors are waiting up to 1 year to repossess so you must have defaulted over a large number of payments. Every default is a ding to both of your credit scores.
As far as getting another car...you maybe able to find someone who will finance you at 50% interest (maybe your local mobster) but most reputable lenders won't touch you with a bargepole.
2006-07-30 16:22:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It will hurt the co- signers credit most, because they are the primary owner. You should feel terrible if I were them I would never speak to you again they evidentally had pretty good credit to co- sign a loan for your sorry azz. I highly doubt that you will ever be able to finance a vehicle again once you screw up your credit with a car you rarely ever get a second chance even with another co-signer unless you improve your credit score dramatically. You owe them an apology because they are now responsible for making payment since you are unable to keep their credit in good standing. That is why it affects them more! If they pay you never see it on your credit either....get it hun or is that too much do you need a pen to write and read over later. What a jerk!
2006-07-30 16:21:58 · answer #3 · answered by TootsiePop 3 · 0⤊ 2⤋
both of you will get hit with it equally for you to get another car because of the repo it will be hard to get a good deal from a bank you can try bad credit places but usually they give you a pretty steap interest rate so sorry bout that i know the feeling i have been treading water with my own car problems
2006-07-30 16:15:09 · answer #4 · answered by lady heather 3 · 0⤊ 0⤋
yours if it is in your name.
2006-07-30 16:13:46 · answer #5 · answered by watermelonluv194 2 · 0⤊ 0⤋
both will be affected but the co signer will be forced to pay
2006-07-30 16:13:54 · answer #6 · answered by ML 5 · 0⤊ 0⤋
Both
2006-07-30 16:15:06 · answer #7 · answered by music4hw 2 · 0⤊ 0⤋
Both
2006-07-30 16:14:36 · answer #8 · answered by free2b 3 · 0⤊ 0⤋
Yes, it's gonne hurt you both. I hope you have a good relationship with them, because they might sue you. Good luck with that.
2006-07-30 16:14:24 · answer #9 · answered by Autumn_Anne 5 · 0⤊ 1⤋
At least your friend has now learned about DEATH BY CO-SIGNING
2006-07-30 16:14:52 · answer #10 · answered by Paris Hilton 6 · 0⤊ 0⤋