2007-08-26 16:39:41 · 10 answers · asked by leas.granma 2 in Business & Finance ➔ Credit
Auto finance is what I do for a living and there is nothing you can do.
When you co-sign for someone you are saying that you will make the payments if the primary signer defaults on the loan.
You are just as responsible as you Son for letting this happen.
If you have the money, you can try contacting the lender and offer to pay the account in full if they will delete it from your report. This is your only legal option. Otherwise it will show on both you and your Sons report for 7-years from the date of first delinquency.
2007-08-27 02:40:44 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Sorry to tell you, but once you co-sign your son's loan becomes your loan. Just as if good history on the loan would have showed up on both. Then if it was repo'ed then it will show up on both of your reports.
I would not really worry about your credit report right now, as that is already hammered because of the repo. Since it was repo'ed it was probably sold for less than the loan balance. Your son and you are still responsible for the remaining balance. If that balance is not paid then another collection account will appear on both of your reports. Eventually if they still can't get the money from him they will come after both of you in a court of law, by filing a law suit. You need to work with them to get it paid off, be sure to have any agreement in writting before you or your son send any money.
2007-08-27 04:15:31 · answer #2 · answered by OC1999 7 · 0⤊ 0⤋
When you cosign, you are responsible. It will hang around for a very long while. You need to tell your son to get out there and get a job or a second job or whatever and pay the loan. He has ruined your credit and he needs to bail you out or you need to pay it. It doesn't come off your credit report. I do credit checks on perspective tenants and it lists all bad debt back for years. Are you aware that bad credit will also affect other things such as your insurance, etc?
2007-08-27 00:23:32 · answer #3 · answered by towanda 7 · 1⤊ 0⤋
You can't. You are responsible if you co-signed. Trust me, I know. They will continue to call, harass, ask you to pay. If your son isn't paying, you have to. If your son needed a co-signer, then he can't get another loan, right? That's the only way for you to do it. He needs to get another loan and not have your name on it.
I've been there and am still doing it. He had every intention of paying, but lost his job. I can't pay, he can't get another loan because of his credit problems, I was a sap and now my credit is in the proverbial toilet!! You just have to suck it up and make the payment. If you can't, then tell them so. I told them it was either leave me alone and go after him, or I would file bankruptcy and they wouldn't get paid at all. They seemed to leave me alone for about a year, but just the other day I got a call. They are relentless.
2007-08-26 23:47:55 · answer #4 · answered by Anonymous · 2⤊ 0⤋
If it has not been sold, call the finance company or Bank to see how much it would cost to get it back. You'll probably have to pay off the balance and repo fees. Tell them you'll do it if they put it in writing they will delete it from the credit bureaus. If they refuse, then it goes to auction and whatever the deficiency balance is owed, you would have to pay.It also stays on your credit files for 7 years.
2007-08-26 23:53:46 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Although you cannot remove the damage, there is a place to add a comment to explain yourself. When you rebute the charge, you can write (I think) it is 100 words as to why that bad history is there. Some companies will read this comment and take it into consideration. Good Luck!!
2007-08-26 23:51:55 · answer #6 · answered by Groomer Jan 4 · 0⤊ 0⤋
Wait 7 years for it to fall off .
Did you not know the consequences when you co-signed ?
What did you think it meant ?
Wiser adults let kids earn their own vehicles .
You now know the price of coddling him .
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2007-08-26 23:48:13 · answer #7 · answered by kate 7 · 2⤊ 0⤋
You can try to dispute it but it probably won't take it off if it's valid. You cannot remove valid debts from your credit. As a "cosigner" you are just as responsible.
2007-08-27 01:56:53 · answer #8 · answered by Richard S. 3 · 1⤊ 0⤋
First, it's "repossessed". Second, it doesn't come off your report. You and he are jointly responsible so both records are now heavily damaged.
2007-08-27 11:21:50 · answer #9 · answered by Anonymous · 0⤊ 0⤋
The debt is yours. You need to pay it.
I don't know how it disappears from your credit report.
2007-08-26 23:47:14 · answer #10 · answered by abzolut 3 · 0⤊ 1⤋