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

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acleynes
New Contributor

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
Goal Score: 850


Message 11 of 23
Jkusa
Valued Member

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
Goal Score: 700


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Message 12 of 23
Dustink
Valued Contributor

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:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 13 of 23
pineappledaydreams
Frequent Contributor

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. Smiley Happy 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. Smiley Happy
On my phone apologies for the errors.



Starting Score: 501 EX FAKO
Current Score: 745TU Fico
Current Score:714EQ Fico
Current Score: 742 fico


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Message 14 of 23
ABuckNow
Contributor

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).

Message 15 of 23
Walt_K
Senior Contributor

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)
Goal Score: 720


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Message 16 of 23
Project17
New Contributor

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.
Message 17 of 23
TrishN
Established Contributor

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

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
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Message 18 of 23
Dustink
Valued Contributor

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:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 19 of 23
Project17
New Contributor

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

??? Those were my first thoughts also!
Message 20 of 23
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