@bdhu2001 wrote:Okay. Years ago I co-signed for a car for my son. I budgeted in the amount for the car payment in my bills and advised my son to tell me if he had problems making any payments and I would make them, because I didn't want my credit affected.
Lease ended years ago and I've leased additional cars over the years from the same company (for my spouse). My daughter wanted my previous cars so I paid it off, gave it to her and entered my first lease for a vehicle for myself.
Fast forward to today. I've been in the market for a second home and have discovered a 60 day late of 3/2010 from my son's lease. I never received a call about a late payment, nor did my son advise me. I contact the company and advise them of the arrangement with my son and acknowledge that I understand that my son( male pride) may not have told me if he got into payment trouble. However, I would have paid immediately had they told me. Thus, I asked them for Good Will, based on our long and continued history (sometime after my son's lease there was an end of lease issue for my husband's car & I decided to make all co-signed payments myself and have the people I co-signed for pay me). After discovering this, my new decision is co-sign for no-one.
I sent a letter, e-mail and phoned the company. I was told no. My lease agreement, on my new car, ends in November and I have no problems with the car and see no reason to not to pay it off and keep it.
Do you think it will work to ask for a deletion of the 60 day late from my record in exchange for me keeping the car or even financing a new loan with the company? If they say "no," I can walk away from the car and find another one or finance my loan with someone else instead of them so it doesn't have to be an empty statement. I know it's no longer hurting my credit, that much, by the time I need to use it; but having this on my record, when I always pay on time, just bugs me.
60 day late in 2010 is not affecting your Fico, 30-60s are minor dergos and only affect it for 2 years. You could tell them you will not work with them anymore if they donwt give you the GW, if you do be prepared to actually follow through if they say no. You should be able to lease or purchase from just about any lender.
