Help needed with an auto loan

[metsfanTom]

Good evening everyone.  My story is a bad one as well as a dumb one.  I know I was stupid but please don't judge me too harshly.  In short I befriended someone who needed a "new start".  Nobody would give them a chance, how can they go on.....blah blah blah, I'm sure you're heard that story before.  Anyhow I ended up cosigning a car loan for them, very much against my better judgement.  Now this person has disappeared from sight, and I have no idea where they are.  They haven't made even one payment towards this car and now my credit is going to go down the toilet, credit which I have worked real hard at improving throughout the years.  I have made the first four payments on this vehicle but I simply do not have the extra money each month to keep doing so.

My question is how much will my credit go down if I cannot make these payments?  Is there anything I can do about this?  The loan company doesn't care to the honest....they just want their money.  In short, what will happen if I just stop making the payments?

Thank you all for listening and for any advice you can give me.  Peace to all.

[llecs]

If I had that, I would continue to make payments. I would also check legal remedies in seizing the vehicle. If you don't know where the person is, then at least hire an investigator.

Remember, both you and this person own the car, along with the bank. If payments are stopped, then both of you would see 30, 60, 90, 120-day late payments on your credit reports. Eventually they'll charge it off. The lender will continue collection efforts either in-house, or will sell the debt to a collection agency. The lates would continue until paid off or sold. At any point, whether the debt-owner is the lender or the CA, they can opt to sue and they can choose to sue either you, the other person, or both. If the court finds in the lender's or collection agency's favor, then a judgment could report. After the judgment, then the plaintiff can opt to pursue the balance through garnishments, liens, etc. 

[Xer0_SiN]

i would call the cops and report the car stolen. in the mean time, you might have to just tighten up and make those payments. repos suck. i speak from first hand who had two at one time .