Ford Cosigner loan ?

Anonymous · ‎06-04-2009

My situation: I signed as a co-borrower for my now exhusband, he has $530 left to pay on the car loan and of course is not paying. it is currently past due. i have 3 30 day lates in the last year. The account is about to go into collections. Do I call Ford and try to pay for a removal of a 30 day late ? pay it all off regardless? IT's still with Ford as the OC so I have a chance to catch it before it goes to collections.

ADVICE please? I think i need to do this pretty quickly as they have taken online access to the account away so it will soon be going to a creditor.

Anonymous · ‎06-04-2009

Ford is not known for GW.

30 day lates are far less severe than a charge off/repossession/collection.

If it were me, I'd PIF to keep it from going any further.

If the ex was ordered to pay via court order, then take him back to court and get your money back.

Anonymous · ‎06-04-2009

thanks sidewinder.

I called and Ford says he has now paid the account in full and it has a 0 balance. I am left with the 30 day lates.

its 1 30 day late in feb 07

one in nov 08 and one in feb 09

how much and how long do those affect my credit? any ideas?

thanks

Anonymous · ‎06-04-2009

A single 30 day late has little effect after 2 years.

As they age, they hurt less and less.

Of all things(charge off, repossession, collections, etc) I guess 30 day late would be the lesser of the evils.

The lates themselves will remain for 7 years from the date of the late. I have an old Ford account with multiple 30/60 day lates and my score keeps increasing. I'm getting close to 700. All lates are nearly 4 years old or older on that account. I have another account with a single 30 day late from nearly 3 years ago.

Anonymous · ‎06-04-2009

Sidewinder - I have an old auto loan showing 4-30 days late and 1-60 days late. Per a letter that I received from the lender, the lates were as follows:

Date Paid For Payment Date Days Late

02/11/02 01/09/02 30

06/10/02 05/09/02 30

11/29/02 10/09/02 30

04/14/03 03/09/03 30

08/01/03 06/09/03 30

10/16/03 08/09/03 60

As you can see, they are only reporting 4-30 days lates, but the info above shows 5-30 days late. Does this mean that the 02/11/02 for 01/09/02 late has already dropped off?

Do these lates drop off automatically (i.e., will the 06/10/02 for 05/09/02 late drop at the end of June) or do they need prodding from me?

***********************************************************************
800FICOwannabe

06/01/09 - FICO scores: EQ - 637, TU - 641
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534

Message Edited by 800FICOwannabe on 06-04-2009 11:38 AM

Anonymous · ‎06-04-2009

It will happen automatically. The CRA only keep the last 7 years of payment history on file. So, to make room for July 09's history, June 2002's(or July 2002's) will be dumped.

Anonymous · ‎06-05-2009

Is this still the case for an account that is closed and the last time it was last reported 11/2008?

***********************************************************************
800FICOwannabe

06/01/09 - FICO scores: EQ - 637, TU - 641
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534

BungalowMo · ‎06-05-2009

@Anonymous wrote:
Is this still the case for an account that is closed and the last time it was last reported 11/2008?

***********************************************************************
800FICOwannabe

06/01/09 - FICO scores: EQ - 637, TU - 641
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534

Do you have copies of your 3 reports?? You can get all 3 free in my sig link. If you already have recent reports, look at them.

For instance, the late from Feb 02 should have dropped off around feb 09, as that 7 year mark hits, the lates usually drop. In reality, they can let them post for 7.5 years, but most times they drop.

BK 7 discharge 06.24.2020 No Fico score at all.

Anonymous · ‎06-05-2009

You might try a GW and include in it that you were only a Co-signer and just found out about the lates. Ask if they would delete the lates from just you CR. Make sure that you tell them that you were willing to PIF until they told you that it was already done.

Use your own wording.