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Got A Car Loan In My Name For My Brother He Continue To Pay Late

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Got A Car Loan In My Name For My Brother He Continue To Pay Late

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.

Message 1 of 8
7 REPLIES
Frequent Contributor

Re: Got A Car Loan In My Name For My Brother He Continue To Pay Late

He needs to get financing in his own name if he wants to keep the car. Never cosign for anyone ever in the future.
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Message 2 of 8
Senior Contributor

Re: Got A Car Loan In My Name For My Brother He Continue To Pay Late

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.


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Message 3 of 8
Established Contributor

Re: Got A Car Loan In My Name For My Brother He Continue To Pay Late

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.


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Message 4 of 8
Established Contributor

Re: Got A Car Loan In My Name For My Brother He Continue To Pay Late

I'd make the payment in advance and let him pay me later. Why would you destroy your score? Refinancing is not needed Imo.
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Message 5 of 8
Senior Contributor

Re: Got A Car Loan In My Name For My Brother He Continue To Pay Late

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


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Message 6 of 8
Moderator Emeritus

Re: Got A Car Loan In My Name For My Brother He Continue To Pay Late

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.

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Message 7 of 8
Valued Contributor

Re: Got A Car Loan In My Name For My Brother He Continue To Pay Late

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.
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