Car Repossession

[Anonymous]

I need some advice my daughter had her car repossed because she was late 3 payments although she was in the wrong for not making payments on time she never got notified that the car was going to be repossessed. To make matters worse her brother had co-sign for her and now his 730 credit rating is being affected, he also just got married and was told that his wife is also being affected by the repossession. Does anybody know how this affect the credit rating and what can be done to correct to corrected. My son is very devastated since this is also affecting his wife. Any help/suggestion/advice would be highly appreciated. Thanks in advance

[rizeninme]

My sister and I bought furniture together many years ago when we were young and stupid. Long story short, she went to rehab, stuck me with the bill, and two years later I filed for BK. Because she was the co-signer on the loan, they went after her for the full amount ($4,000) and it took us three years and an attorney to get this resolved.

So based on my personal experience, I think your son needs to consult an attorney ASAP or he will be sued along with your daughter for the balance due on the car because as a co-signer he is legally responsible for that debt. As far as his wife's credit, I don't see how that would be affected unless she signed the loan as well.

[Anonymous]

Read the contract.

There is likely very explicate language to let you know what your options are.

Chances are they are few.
Easiest way to fix this is a cashiers check for the balance and any additional fees and force the lender to enforce one of the default portions of the loan "Demand payment in Full"

The lender is going to lose $ on this.
An offer to make up all of the past due payments and fees. GET IT IN WRITING!!!!


Anyone else?

[scramblingin2007]

I agree with timothy, get that car paid now! I feel bad for your son