Question about credit after co-signing for a car loan...?

Last year I co-signed for a car loan for my daughter. At the time, it seemed like the right thing to do for her (although I know I shouldn%26#039;t have) but she was working 2 part time jobs and going to college and my finances were okay.

Things have since made a complete reverse, I became sick and had to resign from my job, and making it even more of a soap opera rather than a question, my daughter became pregnant and the father of the baby left her , she is no longer working her jobs and can not finish her internship with school because of the

pregnancy. She is now at default with her car payments and I simply cannot afford to carry her loan anymore. I am going to have to let it get repossessed and although my credit was excellant at the time of co-signing, I know it will impact it negatively once her car is repossessed. Does anyone know how long it will effect my credit rating?? I%26#039;m curious how long it will take to restore my credit? Have I any options? Thank You!

Question about credit after co-signing for a car loan...?

Why don%26#039;t you just sell the car? Have you called the loan company and explain your situation? A lot of lenders will work with you. I co-signed on a car for my borther and he was 30 days late on two payments 13 months ago and it still shows on my credit report. Don%26#039;t let the car get repro if you can help it.

Question about credit after co-signing for a car loan...?

Car Loan Guide: http://carloan.autoonlineguide... Report It

Question about credit after co-signing for a car loan...?

Car Loan Guide: http://carloan.autoonlineguide... Report It

Question about credit after co-signing for a car loan...?

the car is going to be repo%26#039;d anyway, why not sell it and pay off the loan before it becmes a serioius issue

Question about credit after co-signing for a car loan...?

Well, when she began to be late on the payments, you should have looked into selling the car or letting someone take over the payments.

Why can%26#039;t she work and go to school just because she is pregnant? Women do it everyday (unless she is medically unable). She needs to be working at least one of the part time jobs. She got herself into this mess, she should not drag you down with her.

One repo does lower your credit score, but it%26#039;s not the end. Can you refinance and then consider letting someone take over the payments? Try to make one payment to keep you from being 3 months behind. They can%26#039;t repo it until you are 3 months behind.

Contact the creditor and see if there was any insurance taken out on the loan to protect you in your time of sickness (or check your contract). A lot of times, loan agreements will have some type of disability insurance with them.

Tell your daughter to work part time. When she has the baby, she can get help from SS to pay for daycare and such. Don%26#039;t let her by so easily.

Question about credit after co-signing for a car loan...?

I do not know. Read over the terms of the original loan. Seek advice from the free credit counseling in your area. Seek legal advice from free legal aid, or go see a lawyer. The only way both of you may be able to get free of repaying the loan would possibly be bankruptcy, if it is dischargeable. The lender may be able to sue her and sue you, both, for the full amount of the car loan, whether the car is repossessed or not. Seek legal advice from a qualified attorney.

Question about credit after co-signing for a car loan...?

Negative items such as a repo will show on your credit report for seven years from the time that the last action was taken by the creditor. I would suggest that you try to sell the vehicle or try to find some one willing to assume the loan.