topic Bad credit, larger down payment? in Auto Loans

Bad credit, larger down payment?

Anonymous — Sun, 14 Jun 2009 07:51:35 GMT

My car loan is fine, I cosigned my girlfirends and its trash. I'm assuming my credit will be poor. I want to get a new car that is ~35k out the door. If I just get a bigger downpayment will eventually it overcome my poor credit? Eg 10k down I don't understand how there is any real risk involved on their end.

Re: Bad credit, larger down payment?

llecs — Sun, 14 Jun 2009 14:07:23 GMT

Putting down a larger down payment won't necessarily help you. Is the defaulted car loan still reporting? Is it paid? How recent was this?

Message Edited by llecs on 06-14-2009 10:07 AM

Re: Bad credit, larger down payment?

Anonymous — Sun, 14 Jun 2009 16:15:04 GMT

Thats not good news.

We got her the car about a year ago and last I heard she was like 2 payments behind, but really I have no idea what is going on. I've tried to make her deal with it and it apparently that isn't working. Soon as I get my next check I'll catch up on whatever is owed and probably start making payments myself. By the time I wish to buy my car, 2 months, it will at least be up-to-date.

Re: Bad credit, larger down payment?

Anonymous — Sun, 14 Jun 2009 17:06:03 GMT

STOP!!!!!!!!!!!!!!!

Before you make one payment, any payment, or whatever you need to do some thinking.

She is your girlfriend right? Still happy together?

Depending on how the deal was constructed you may have cosigned and have no real ownership or claim on the vehicle. (I have seen that done many, many, times) You are just on the hook for the payments.

You start making them now and you have NO expectation of being paid back by her, you have her expecting you to pay for them again when things get bad, and you may have her just having you pay the car and her keeping it.

Kinda hefty for a girlfriend.
It may be better for you to:

Evaluate your credit score damage

pay the car note current

Finance your new car, with a large downpayment to make up for the damage she has caused

Let hem repo hers next time it goes over.

Otherwise you cuold find yourself giving your ex girlfriend a car, or at least paying in full for it.

If your name is not anywhere on the paperwork you cant even make her sell it.