Cosigned auto loan

[Anonymous]

Hi,

I have a quick question that i haven't been able to find a clear answer on. I co sighned an auto load for my ex about 2 years ago and all of the payments have been made on time for those 2 years. I recently disputed the auto loan on transunion under the grounds that it was a co signed vehicle for an ex. This was a listed option... After the 30 day waiting period i received confirmation that this was DELETED from my credit report, does this mean 100% that i am out of this mess if she goes delinquent? 

[Jnbmom]

NO, you cosigned for the loan, you are still responsible. It doesn;t matter if it mistakenly was deleted from your reports.

Unless your EX refinances the loan in their name only, you are still on the hook.

[Anonymous]

Are you 100% on that? I beleive it but not sure why they would delete it from my report? cut and paste of the message below 

INVESTIGATION RESULTS - DELETED: The disputed item(s) was removed from your credit report.

In response to your dispute, this item was DELETED from your credit report.

CARMAX AUTO FINANCE

[Jnbmom]

Did your EX refiance the loan in her name only??

You lucked out getting it off your report, this does not get you out of the loan because you disputed on your report, you cosigned you are responsible if she defaults unless you get it out of your name.

[Anonymous]

Thanks for the quick responses. I don't know exactly what happened, perhaps her credit was good enough and maybe Carmax allowed her to do it in an effort to not lose the autoloan all together?

I have no idea, but per say she did not refinance If she does not pay the debt for say 60 days... will it hit my credit? I just need clarfication on what responsibility means... 

[Jnbmom]

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@Anonymous wrote:

Thanks for the quick responses. I don't know exactly what happened, perhaps her credit was good enough and maybe Carmax allowed her to do it in an effort to not lose the autoloan all together?

I have no idea, but per say she did not refinance If she does not pay the debt for say 60 days... will it hit my credit? I just need clarfication on what responsibility means... 

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If you are still on the loan then yes it could show up as deliquent on your credit report .

[marmaladepie]

+Jnbmom

OP, when you co-signed two years ago you must have gotten the finance paperwork with your name, legally binding you to the loan. If your ex did refinance on her own and paid off that Carmax loan you should have received final paperwork indicating that you and your co-borrower (ex) paid the loan satisfactorily.
You could always call carmax to verify the status of the loan. In other words, if it’s still active you are still legally liable even though it is no longer on your TU.
Btw, what about EX and EQ?

[Medic981]

Welcome to the myFICO forums!

So what most likely happened is that CarMax failed to respond to the CRAs dispute investigation within the 30 days allowed and the account was removed. At any point during the life of the loan and for up to 7 - 10 years afterward CarMax can update the account with verified information and it reappears on your CRs.

[Anonymous]

Thanks for the great responses guys. I did not check the other credit agencies. I will run it and call carmax when i get some time, the only thing is i'm pretty sure the results actually came back in less than 30 days .... exactly 7 days early? So i wonder if that has indicates anything? 

I will report back here just an FYI for you all. 

[Loquat]

Hi OP and welcome to the forum!  

What everyone has previously mentioned is correct.  Even if the account was mistakenly removed from your report via response time or someone at the lender not paying attention, please know that you are STILL on the hook for this loan if it hasn't been refinanced until your ex's name.

I'll also note that if the lender reports again the following month with you still attached to the loan, don't be shocked to see that deleted account reappear...trust me, it happens.