can your credit go bad if both u and the co signer fail to make payments on a car??

Question

I got n an acident and havent payed tha 1st payment so does my credit and the person who co signed for me go bad??

Answer 1

you first; then the co-signer, but yes. Bad credit reports, possible judgement and maybe even attachment of salary.

Contact the lender and try and work something out

Answer 2

Depending on what the co-signed contract says, very likely. See, most co-signers are made responsible if YOU don't make the payments on a contract payment. If THAT person doesn't make the payments as your default payer, then yes, BOTH of your credit scores will be effected.

Answer 3

The simple answer is yes. It will show as a late or missed payment on both of your credit reports.

Call the lender and make arrangements to pay as soon as possible, You also need to notify your co-signer since this is going to adversely effect their credit also. They may want to make the payment and have you repay them rather than be late.

Answer 4

If you got into an accident then your insurance(or the other persons insurance) should pay the car if it was totalled. If they don't pay all of it or you don't have insurance then the financing company will go after both you and your Co-Signer for payment. They will start with you, but after you default(generally after 3 missed payments) they will start to contact the Co-Signer.

Answer 5

Co signing is a bad concept and right here is why. except you have the skill to take over the earnings this vehicle then you certainly are in no place to act like somebody else banker. If the banks won't lend them funds why might desire to you employ your good credit and placed your financial destiny in threat for somebody who hasn't earned the skill to borrow funds. you may desire to pass into this with the perception that they are going to default on the non-public loan and you will finally be to blame for the funds and the debt. you isn't waiting to eliminate your call from the non-public loan till that mortgage is paid in comprehensive or the different occasion has the skill to refinance the vehicle of their call purely. Refinancing isn't an basic ingredient to do. except you're this guy or woman's be certain or legal considerable different i does not possibility my own credit to help a pal. No way. funds and friendship do no longer blend. If there's a difficulty interior the destiny your friendship gets interior the way of springing up a rational decision. don't be this persons financial enterprise. except you have the supplies obtainable to repay this debt on your man or woman. it is your debt as much as that's theirs. you're to blame for the debt and the surplus debt (it is going to look on your credit checklist) might ward off you from getting financed interior the destiny for some thing you certainly need.

Answer 6

Yup, punctuality is 35% of your FICO score . . .

http://en.wikipedia.org/wiki/FICO

Answer 7

YES