Auto Loans

[rsisterfaye]

2008 got a car loan in my name for my brother, but my brother continue to pay the note late not 30 days, should I re-finance and take over the note myself to save my credit. Last fico in the mid 700. Do not want to go 2 more yrs this way.

[dabrian]

He needs to get financing in his own name if he wants to keep the car. Never cosign for anyone ever in the future.

[drkaje]

You probably have to take over payments and beg them for some goodwill on the lates.

Sorry to say this but; there was a good reason your brother couldn't get a loan on his own. Loving him doesn't change that.

[Simply827]

You should definitely take over the payments yourself; refinancing to do so isn't necessary. If you can't afford to do so, perhaps you should make your brother sell the car. You should also send a GW letter to the finance company to get them to remove the 30 day late.

Never, ever, ever cosign for anyone again in the future.

[CruzImperial]

I'd make the payment in advance and let him pay me later. Why would you destroy your score? Refinancing is not needed Imo.

[drkaje]

I wish the "Never co-sign for anyone!" advice actually helped people.

[webhopper]

Definately a bad situation. Start paying the note yourself or force him to sell the car or refi into his own name. Hes screwing you over on this deal.

[MovingForward_2012]

It sounds like OP said his brother pays late but not 30 days late yet. This would explain why his score is still mid 700's. I think he is worried about a 30 day late being reported in the future.

Your brother paying the car loan late but not 30 days late may be a warning sign. I would bring this to his attention and ask him to correct it ASAP or the car will need to be refinanced in his name...not yours.

I personally don't believe in consigning for anyone unless it is my husband or son and I have to additional income to afford the loan payments on my own. However, my uncle did finance an auto loan for me when I was under 18. I paid the car loan on time every month and eventually paid it off with a lump sum payment before I left for college.