topic Re: please help...co-signing issues in Rebuilding Your Credit

please help...co-signing issues

Anonymous — Mon, 22 Feb 2010 10:42:36 GMT

I had someone co-sign on a car for me in early 08. The lady took the car from me before I even had a chance to make the first payment and said she was putting it into someone else's name. I didn't have a liscense at the time so I honestly have no idea how I got the car in the first place. Anyways I am now attempting to repair my credit and bam this is on my credit as a involentary repossesion....Is there anything at all I can do about this? I had no idea it was even on my credit until tonight!!

Also if something is charged off/closed account can I still offer them a PFD?? (this is in referane to a different thing)

Re: please help...co-signing issues

Jazzzy — Mon, 22 Feb 2010 13:33:15 GMT

@Anonymous wrote:
I had someone co-sign on a car for me in early 08. The lady took the car from me before I even had a chance to make the first payment and said she was putting it into someone else's name. I didn't have a liscense at the time so I honestly have no idea how I got the car in the first place. Anyways I am now attempting to repair my credit and bam this is on my credit as a involentary repossesion....Is there anything at all I can do about this? I had no idea it was even on my credit until tonight!! About all you can do at this point is write them a Goodwill Letter (GW). This is where you are asking them if they would remove this from your reports as a favor to you. Do some reading here in this forum about GW letters. Be nice and take responsibility for what happened.

Also if something is charged off/closed account can I still offer them a PFD?? (this is in referane to a different thing) Sure.

Re: please help...co-signing issues

Anonymous — Mon, 22 Feb 2010 19:30:58 GMT

Any advice on the gw letter? It's not paid. So I'm not sure how to go about asking them to take it off.....

Re: please help...co-signing issues

Anonymous — Mon, 22 Feb 2010 21:23:02 GMT

Who co-signed the car for you? Was it a friend? Taking the car from you and saying she was going to put it in someone else's name makes no sense at all. I don't understand this situation. Typically the co-signer is a friend or family member, someone you know. Get in touch with them and figure out what happened. Honestly, I'd probably dispute the involuntary repo because as far as you are concerned there was no repo, right?

Re: please help...co-signing issues

marty56 — Mon, 22 Feb 2010 21:46:03 GMT

I didn't think you could change the name on a title for a car that wasn't paid in full and thus you would have clear access to the title. Something doesn;t sound right here,

Re: please help...co-signing issues

Anonymous — Mon, 22 Feb 2010 21:48:19 GMT

My thoughts exactly. Plus, if it is COd and the OP CR, it would be CO on the Co-signers also.

@marty56 wrote:
I didn't think you could change the name on a title for a car that wasn't paid in full and thus you would have clear access to the title. Something doesn;t sound right here,

Re: please help...co-signing issues

Anonymous — Tue, 23 Feb 2010 19:45:25 GMT

My husbands grandma did it. Im thinking she was the main owner....they sent HER the title and everything even payment things. I did not have a liscense at the time the car was signed for so I have no idea what happened with all of it honestly I also know she was able to take the insurance off of the car without me knowing after we had paid her for 2 months of insurance. I know it was off because I got into a wreck and am now paying off 4000 dollars on some ladies car and that whole wreck ordeal landed me in the hospital and losing a baby. And we had insurance because we couldnt leave the lot without it. So i don't know what to do about the whole repo on my credit. After we gave the car over to her I never saw or heard from her or anyone else about it again.....

Re: please help...co-signing issues

Anonymous — Tue, 23 Feb 2010 20:30:04 GMT

Wow, your husband's grandmother sounds like a charming lady

She had no right to take the car from you, since you were legally an owner of it as well. She also had no ability to put it in someone else's name without your consent and refinancing or paying off the existing loan since you were a legal owner. Unfortunately, it's done and it looks like the grandma stopped making the payments and the car was repoed. Is there a balance showing on the involuntary repo, or did the repo cover the amount owing on the loan? If there is no balance owing, you should ask for GW and explain your situation to try to get this deleted off your report.

Re: please help...co-signing issues

Anonymous — Tue, 23 Feb 2010 20:45:40 GMT

@Anonymous wrote:
I had someone co-sign on a car for me in early 08. The lady took the car from me before I even had a chance to make the first payment and said she was putting it into someone else's name. I didn't have a liscense at the time so I honestly have no idea how I got the car in the first place. Anyways I am now attempting to repair my credit and bam this is on my credit as a involentary repossesion....Is there anything at all I can do about this? I had no idea it was even on my credit until tonight!!

Also if something is charged off/closed account can I still offer them a PFD?? (this is in referane to a different thing)

When you say, the lady took the car and said she was putting it in someone else's name, do you mean your grandma-in-law, or the finance lady?

If it was the finance lady, then your portion of the account should have been closed (possibly a paid by dealer status or something). If it was grandma-in-law, then I think you would have a good case to demand all papers the finance company holds as to who is actually on the loan. If it was taken from you, not the car, but the paperwork relating to the car, then you need to validate the fact you even should be reported. Skip the car aspect of it. Look for what the paperwork shows from the date you originally signed for it, the date the car was removed from your possession, and the dates leading to the supposed repo. Possibly someone forgot to remove your name from the loan, while adding another persons name on it to your grandma in laws name. Possibly three people on the loan, and your's isn't suppose to be.

Re: please help...co-signing issues

Anonymous — Tue, 23 Feb 2010 23:00:04 GMT

@Anonymous wrote:
Wow, your husband's grandmother sounds like a charming lady

She had no right to take the car from you, since you were legally an owner of it as well. She also had no ability to put it in someone else's name without your consent and refinancing or paying off the existing loan since you were a legal owner. Unfortunately, it's done and it looks like the grandma stopped making the payments and the car was repoed. Is there a balance showing on the involuntary repo, or did the repo cover the amount owing on the loan? If there is no balance owing, you should ask for GW and explain your situation to try to get this deleted off your report.

Man I wish I would have known that then. I just couldnt handle the stress of fighting with her over it at the time. So I pretty much just handed it over leaving us without a car or anything. But we are better now much better and are trying to get our credit sorted out. Yes there is a little over 2000 showing as the balance and past due payments is 614....

Re: please help...co-signing issues

Anonymous — Tue, 23 Feb 2010 23:03:24 GMT

@Anonymous wrote:
@Anonymous wrote:
I had someone co-sign on a car for me in early 08. The lady took the car from me before I even had a chance to make the first payment and said she was putting it into someone else's name. I didn't have a liscense at the time so I honestly have no idea how I got the car in the first place. Anyways I am now attempting to repair my credit and bam this is on my credit as a involentary repossesion....Is there anything at all I can do about this? I had no idea it was even on my credit until tonight!!

Also if something is charged off/closed account can I still offer them a PFD?? (this is in referane to a different thing)

When you say, the lady took the car and said she was putting it in someone else's name, do you mean your grandma-in-law, or the finance lady?

If it was the finance lady, then your portion of the account should have been closed (possibly a paid by dealer status or something). If it was grandma-in-law, then I think you would have a good case to demand all papers the finance company holds as to who is actually on the loan. If it was taken from you, not the car, but the paperwork relating to the car, then you need to validate the fact you even should be reported. Skip the car aspect of it. Look for what the paperwork shows from the date you originally signed for it, the date the car was removed from your possession, and the dates leading to the supposed repo. Possibly someone forgot to remove your name from the loan, while adding another persons name on it to your grandma in laws name. Possibly three people on the loan, and your's isn't suppose to be.

It was the g-ma. Yes she took the title and everything relating to the car. There was nothing signed when she took the car from me she just said she was taking it and having her niece take over payments. And if I didn't bring it to her she was calling the police. I didn't know she couldnt take it or anything about it at the time and just wasnt up to fighting with her over it as about a month later I was put into the hospital for a month straight (pregnancy) and didn't need the stress of everything.

Re: please help...co-signing issues

Anonymous — Wed, 24 Feb 2010 00:21:08 GMT

Oks. So grandma assured you, essentially as you were legally responsible for paying for it, that some other person can benefit from the use of the car, at the expense of your credit liability. I've been in a position close like that...not fun. I'd recommend to you to try a goodwill letter.

Also, if you were still on the hook per the finance company, why didn't they contact you as well regarding late payments? Trying to some extent to get their money? Basically they were talking only to the grandma, not the niece who was just using the car, and skipped over you, who was also responsible...only in the sense of having your name on the loan.

I'd just gw them and see what can be done. Just say when you signed the loan and then the bigger (credit score) co-signer took the car away, you thought she assumed the loan in its entirely, and refinanced without you on it. Tell them you never received anything, and would be happy to make things up with them, provided they update your credit report to reflect so, in a positive way.

Re: please help...co-signing issues

Anonymous — Wed, 24 Feb 2010 06:42:26 GMT

@Anonymous wrote:
Oks. So grandma assured you, essentially as you were legally responsible for paying for it, that some other person can benefit from the use of the car, at the expense of your credit liability. I've been in a position close like that...not fun. I'd recommend to you to try a goodwill letter.

Also, if you were still on the hook per the finance company, why didn't they contact you as well regarding late payments? Trying to some extent to get their money? Basically they were talking only to the grandma, not the niece who was just using the car, and skipped over you, who was also responsible...only in the sense of having your name on the loan.

I'd just gw them and see what can be done. Just say when you signed the loan and then the bigger (credit score) co-signer took the car away, you thought she assumed the loan in its entirely, and refinanced without you on it. Tell them you never received anything, and would be happy to make things up with them, provided they update your credit report to reflect so, in a positive way.

Nope I never heard a word about it from anyone after I gave her the car..

So would I need to offer to pay the balance?