Before you all pass judgement... My father-in-law is going through a divorce and he cosigned a camper loan with his wife three years ago. It is a 12 year loan, and she is refusing to make payments on it hoping to ruin his credit (even though she is the primary). He has been making the payments, but is ready to let it go. So, if he were to stop paying it, is there a website that we can go to in order to find out exactly how many points it will lower his credit score?
2007-10-16 11:08:07 · 3 answers · asked by sweetiepi44 2 in Business & Finance ➔ Credit
It's hard to say how many points, but the camper loan will probably be treated just like a repo'd car. They pick up the camper, sell it at auction, then come back for the balance plus all those extra fees. Basically, his score will take a big hit and he'll still be on the hook.
2007-10-16 11:26:57 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
is this a private loan? Federally subsidized pupil loans are no longer likely to settle yet a private one could. in case you already defaulted and have a fee plan with the series business enterprise, you would be a lot greater acceptable to barter a freelance in a lump sum fee. Do you have teh $12K to make this form of contract? in case you do no longer, you're basically spinning your wheels. ensure you get the contract contract in writing and don't supply the collector direct get admission to on your economic enterprise account. Do you have that fee plan in writting? that should come again to chew you in addition to could.
2016-10-07 01:33:05 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Most likely this will show as a repossession and it will hurt his score the same, you can look for his score to drop anywhere from 100 to 150 points depending on what makes up his score.
This is one of the worst things that can show on a persons credit without a bankruptcy to explain it.
2007-10-16 11:26:27 · answer #3 · answered by ? 7 · 1⤊ 0⤋