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New Contributor
acleynes
Posts: 66
Registered: ‎10-30-2011

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?

Do not let the car go into repossession. The car will be auctioned for a lot less than what is worth and you will be left to pay the difference. Voluntary repossession is cheaper than an involuntary repossession because there is a lot less fees that are incurred, but both types of repossessions hurt your credit the same either way. Try to take possession of the car, and sell it. Get a personal loan to pay off the difference from what you owe on the car and what it is worth. It is better to default on a personal loan, then it is to get a car repossessed. A collection account for a defaulted personal loan might set you back 50 points. A repossession will definitely set you back 100+.

Starting Score: TU 749 02/02/2014
Current Score: TU 749 02/02/2014
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Valued Member
Jkusa
Posts: 38
Registered: ‎10-15-2012

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?

He ended up being a bad, bad, bad guy.  She already knew this but helped him anyway.

 


Ummm, I hate to say this but my sniff test tells me something more was going on. I'd hide/protect some assets if I were you

src="http://ficoforums.myfico.com/fico/i/custom/FFC_Icon.gif">Starting Score: 652
Current Score: EQ 685 TU 683 EX 699 (their sites FAKO) all as of 03/02/13
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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?

Updates?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Frequent Contributor
pineappledaydreams
Posts: 257
Registered: ‎04-03-2012

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?

Hide protect assets then divorce.
I hate you seem rude but are you naive? I'm newly wed and if my wife so much as mentioned helping someone the way yours did just the mention would send me running for the hills. This is what you do contact a lawyer and get a postnup. :smileyhappy: if she protests tell her youre just protecting your financial future and it's best if one of you at least had great scores. Same rule applies for my wife and I. We have a prenup and a postnup dont apply for anything together. :smileyhappy:
On my phone apologies for the errors.



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New Contributor
ABuckNow
Posts: 107
Registered: ‎03-03-2013

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?

Indeed - updates please!

It's one thing that I don't like about these forums - how do things turn out?  I feel like I'm left with cliff-hangers here all the time.

People present these interesting problems, people respond with advice, but we rarely hear back if it worked.

Like this guy...what man lets his wife co-sign a car loan with another man? seriously? Jepordize marital assests for another man?...dude needs to pile up some cash and hide it and get a lawyer).

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?

I know, so shocking there's no update right?  I mean with all the helpful advice that was offered directly addressing his question with no suggestions that his wife was committing adultery, hard to believe he hasn't come back.  


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
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New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?

He was given all the advice and options that exist... They either pay for the car, have it repo'd or sell it and pay the difference. That's all they can do.

Now the real question is why the hell would your wife co sign for a car for a co worker? What ever a spouse does always has some sort of effect on the other no matter what the laws are in your state.
Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?

[ Edited ]

my family same like you.i end up trade honda accord( we co-signed for them) and trade my 2010 BMW 328i Conv+ the truck 1999 F150 i just got 1 week ago for my boat. traded  3 cars in to get chevrolet suburban. honda -4k, BMW -5K F150 + 2K and put 5K down payment ( just bough F150 3k6  a week ago, i am a idiot)But now i feel much better. Never co-sign for anybody !!!!! So

If you dont have much money down, you can try to trade that car and your car to get another , you can roll over your new payment, dont let it happen when you can do it. !!!!

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?


TrishN wrote:

my family same like you.i end up trade honda accord( we co-signed for them) and trade my 2010 BMW 328i Conv+ the truck 1999 F150 i just got 1 week ago for my boat. traded  3 cars in to get chevrolet suburban. honda -4k, BMW -5K F150 + 2K and put 5K down payment ( just bough F150 3k6  a week ago, i am a idiot)But now i feel much better. Never co-sign for anybody !!!!! So

If you dont have much money down, you can try to trade that car and your car to get another , you can roll over your new payment, dont let it happen when you can do it. !!!!


?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012

Re: Wife co-signed a car loan... now cosigner can't pay. What are our options?

??? Those were my first thoughts also!

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