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

Established Contributor

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

I'm pretty sure that TrishN was giving another way out of this mess. In that example, they had just traded their boat in for a truck. Then they realized they were about to get a repo on the vehicle (Honda Accord) for someone they cosigned for. They traded in their 'new' truck, their personal BMW and the Honda about to get repoed. The two autos traded at a loss. The truck at a +2k profit. Then they put an extra $5 down. 

So, in the end they have paid off the car loans without any repos hitting their reports and walked away still having a Chevrolet Suburban

Edited: reread and believe they traded the boat for one vehicle not two.

Message 21 of 23
Moderator

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

Wow...you are good at interpreting the post...I couldn't even understand what TrishN was saying....

Message 22 of 23
Established Contributor

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

sorry, ill make it simple. we co-signed for one bad people (honda accord). my car is bmw. I bought another ford 1999 f150 at same time I bought my boat. the one we co-signed for, they dont want to pay it no more.I traded my bmw+honda accord+ford f150 I just got to get chevrolet sbb. bc I dont want repo hit my cr.like some one said I walk away with another car with no repo on my cr.but I have to roll over 9k- total from bmw and honda to chevrolet.and another thing. I also traded my f150 I just bought 3k6 to dealer for 2k. I lose another 1k6. so it is make sense? sorry for complicated

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 23 of 23