I bought a car in December 2006, and my aunt cosigned for me. I put 20,000 down and the principal remaining now is about $27,000. I am making the payments and I'm the primary owner of the car. I live in Virginia and she lives in Maryland. What happens to my car and my credit if she files bankruptcy? and will this appear on my credit report? She didn't file bankruptcy yet, but I am just so afraid. Please help me out.
Thank you.
2007-03-22 20:29:05 · 3 answers · asked by luvme100k 1 in Business & Finance ➔ Personal Finance
As long as you continue to make the payments you will be fine.
It will show on your credit as "Included in bankruptcy of another person" but it will not effect your credit score since you are not the one that declared.
2007-03-23 02:57:09 · answer #1 · answered by ? 7 · 0⤊ 0⤋
If the corporation that financed the vehicle ever stops receiving money they'll come to you for the money and you will owe it. Cosigning a private loan potential you settle to pay if the theory borrower does not. in the event that they get something under one hundred% of what replaced into loaned because of the financial disaster additionally they'll come once you. you weren't notified because of the fact your place interior the deal did not exchange in any way. as long because of the fact the money are made you're actually not effected and in the event that they are actually not made the financial corporation will come once you. precisely the comparable ingredient that could have exceeded off had mom not declared financial disaster. If it gets repossessed and the financial corporation then comes once you and you do not pay then sure that is going to happen on your credit. you should to get your loose annual credit checklist and notice what if something has shown up.
2016-10-19 09:56:19 · answer #2 · answered by olis 4 · 0⤊ 0⤋
Nothing as long as you keep up the payments.. if you dont they repo it.. simple huh?
You are the principle lessee.. nothing will happen or go against you as long as you keep up the payments.. if you dont well yeah it will go on yer record and they will repo it (they used to pay me to do such things once upon a time.. i did it for fun more than the money.. it was a side job.. i was good at re-stealing cars once upon a time LOL)
BTW thats a damn expensive car sheesh...
2007-03-22 20:33:02 · answer #3 · answered by darchangel_3 5 · 0⤊ 1⤋