Hard work gone down the drain :(

[Goodscore81]

P- Thank you so much for the speedy reply.  I just wish I could hold them off until tax refund time.  I'll be in a better position at that time and will have some negotiating power.  I will stop ignoring the problem and get to business.  This has caused enough damage already.

[Goodscore81]

Thanks CWESTL for the advice!!!

[guiness56]

Unfortunately, because it is solely in your name, you are solely responsible.  At least in the eyes of the law.

In order to garnish your wages, they would first have to file suit and obtain a judgment.  You don't want it to go that far.  A judgment on your CR would be devastating.

Do you know where the car is?  Are you willing to have it turned in?

I would contact them and make some type of arrangements. 

[n0smirc]

I agree with the previous poster - Get back up to date with those car payments and take possession of the vehicle. The person who has it has a reason why they can't be on a car loan and hopefully will learn by being forced to take public transit. Repo will look way worse than a few late pays.

[Goodscore81]

Yes, I know where the car is.  I would have to get an emissions  test and the plates renewed in order to drive it.  This wasn't done, I believe, because they thought they wouldn't have it by now.   This is such a hassle.  But that's what I get-going against my better judgement.  I don't have a car payment because I knew I couldn't afford it.  And now I still end up with one, on a car I didn't choose.  Hopefully, I can still make arrangements.

[SSPA87]

So I'm confused.

They had you buy them a car but stopped driving it and stopped paying the payments without telling you?  Why did they have you buy them a car if they weren't going to drive it?  So odd... but I've been there in a way.  My ex had me buy a car for him in my name.  He didn't pay and 2 months later, the car was repo'd (which still pisses me off that the payment was only 30 days late and I was told that if I paid that day they wouldn't repo it, so I rushed to the bank to pay but the car was gone the next day and they refuesd to let me get it back) Anyway, they sold the car at auction and I owed X amount.  It was charged off and I just settled with them recently.

Anyway, I agree - go get the car and call and try to work out payments with the bank.  You really don't want a repo on  your credit report if you can avoid it. 

[alexhortdog]

That's why I will NEVER co-sign or take credit out for a family member ever again. 

[northface28]

Let me chime in here, I cosigned for a family member and had the same thing happen to me. I suggest you contact the creditor IMMEDIATELY, trust me, you don't want a repo, judgement, and heaven forbid a bankruptcy on your CR. I've had/have all 3. The repo and judgement have fallen off, but the BK is 26 mos old. Only reason I filed BK was to get the judgement wiped out, I was looking to buy a house and even though the judgment wasn't on my CR it was found when mortgage underwriters went looking around. They explicitly told me, you wont get a home with this judgment unpaid. My choice was pay the $20k settlement, all at once or file BK. The irony, 2 yrs later, I can now get a mortgage.

A repo and judgement will kill you. I had to go get my own car and had to settle for a 24% APR on a Pontiac Sunfire, I was paying $300 a month for that rust bucket. 8 years later today I got an Impala with 8% APR.

I'm ranting, but the moral of the story, never co-sign unless you can afford to pay for what you are co-signing for. Me personally, I'd never cosign for anyone, ever again, not a spouse, not a child, not a family member, no exceptions.

[fishbjc]

Go get that car.  Call the bank NOW, see what you can work out.  Hopefully, the auto is in a condition to be sold.  Sheesh, look what you get for trying to help....a kick in the arse.

[Goodscore81]

SSPA87- yes, they had me buy the car and then stopped making the payments.  It pretty much went from making late payments to none at all. 

So I called the attorney's office.  They person I talked to was really nice and answered all of my questions.  Apparently, they don't want the car back.  They just want payment for the loan.  I set up the  first payment for mid January, just to get through the holidays.  Then I asked about a lump sum settlement and they where open to that.  I don't know what to offer because, I'm not sure how much I will have available.