I have terrible credit and owe credit cards, but my parent co-signed for me to get a car.Can car be taken away

Question

I owe on credit card bills, but I haven't been paying them, I recently got a car that my parents signed for the title my parents and I will both be paying on the van if my parents name is on it as well as mine can the car be taken away from me? I'm going to be making payments on this, and don't want to lose my car. Could I lose this if a parents name is on this? Does it protect you if there are two people on a car title when one has good credit and the other one has bad credit?

Answer 1

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Answer 2

You'd only lose the car if nobody pays the payments, in which case it would be repossessed no matter how good or bad the credit of the people on the title is.

If someone got a judgement against you for other unpaid bills, and the car has significant value, they might be able to get a court judgement seizing it as an asset of yours. Whether or not having your parents on the title with you would stop that from happening would depend on the laws where you live.

You should try to get your credit repaired by paying what you owe - if you don't, it'll bite you somewhere down the line and you'll wish that you had.

You'd probably be way ahead to cut up those credit cards and not apply for any more.

Answer 3

As long as you are not falling behind on your car payments(which is something you really don't want to do as this will affect your parents credit rating as well in a negative way) you will not lose your car. Trust me as someone who made mistakes with his credit at an early age, don't over extend yourself on credit. You need good credit to accomplish anything anymore. When it comes time 5-6 or more years down the road for you to buy another car, your parents probably aren't going to co-sign for you again if you paid late the first time and hurt their credit and that means you will be looking at 20% interest rates instead of 4-5%. Instead of a $320 a month payment on a $20,000 car, you are looking $450-550 a month. Not worth it.

Answer 4

When you have a co-signer for anything, it is basically saying that if you don't make the payments, they will be held responsible. Not only can the car get taken away, but you AND your parents will be held liable. I have no idea if they will take it due to owed credit card bills, as I have been smart in never getting a credit card *I rely solely on my debit*. I would think that this doesn't have anything to do with where you have gotten your car from. However, the credit card company can take action against you.

Answer 5

No, your car won't be taken away because you have handled your credit card bills miserably.

However, I wonder what type of recreational drug your parents are taking to co-sign on a car for a child who obviously has good intentions but manages their money and circumstances horribly.

It's not a parent's nature to subsidize failure or bad habits, but this definitely seems to be the case here.

Good luck with that!

Answer 6

you're incorrect first of all, in the journey that your mothers and dads have a foul credit, they does not even qualify for a mastercard, much less being of any help to you getting a card. 2d, you have no longer have been given any job! you have no longer have been given any employer getting a mastercard. while you're death to make certain credit and initiate development a history, the only ingredient you're able to do is see in the journey that your economic organisation or credit union can provide a secured card.

Answer 7

yes,they are the co-signors(co-owners)