I am on the contract with my dad. My dad is cosigner. After some years of paying it i wanted a new car. The car was not worth much to trade in and my dad needed a car so he agreeed to make payments. Everything was fine until this weekend. I was notified he was two months behind in payments and the car would be out on repo. I did not want this to happen so i went to pay one note so they would not repo. However I don't know where my dad or the car is. I do not want to keep paying for a car that i have no clue where it is. I know this will affect my credit. Does anyone know by how much? I don't know what to really do...
Thanx
My friend had her car repoed. She was forced to pay the difference after it was sold at an auction..., they showed up with a truck and took it, right from her parents driveway.....she did have trouble getting another car down the road with the repo on her credit report. . auto lenders dont' care for repo's and will usually charge you a higher interest rate in turn.. So this will affect your credit in the short term, as well as in the future. At least for seven long years.
I would think it might be wise to work something out asap before your credit gets ruined any further. I would rather have two late payments on an auto loan than a repo.
Good luck and I hope this helps!
Starting Score: 682 EQ, 663 TUYeah I will try to get the car back from my dad.. so that will be a new task.. It wont be repoed since i did catch up on one payment.. it just sucks that im paying for a car thats not even in my possession. 
If your dad is the cosigner, traditionally the lender goes after the cosigner
Really? Is this true? I'm not saying you are wrong but aren't both signers equally responsible for the loan repayment? Or perhaps if one of them is a minor the adult cosigner becomes totally responsible?
Great........I'll be up for hours thinking about this. 
no i think that me and my dad are responsible. They would come after us both lol.