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i consigned for a car for my sister and now she can't pay, if they repo the car what happens to my credit. i fooled into believing i would only be on thee for 6 months.
Your scores will tank as you're just as responsible on the loan as she is. Get her to refinance the car into her name only if at all possible.
Sadly, EddieK is exactly right. If your sister can't get the loan refi'd into her name alone, in your shoes I think I'd see how far gone things are and perhaps consider trying to salvage it if I had the means (in other words, if I could afford to make the payments until I could unload the car). Depending on how upside down the loan is, though, it may not be worth it. Sorry you had to learn this lesson the hard way.
This is why I will never co sign on a loan, family or not. Sorry to hear, OP and I hope it works out for you.
Even if she misses a payment it will affect your credit. The signer and co-signer both have 100% liability. This happen to my mom when she signed for my cousin and she had to take over the payments on a brand new car.
Is it possible for you to sell it and get someone to take over the payments?
If you value your credit, make the car payments yourself and get help from the rest of your family. Bite the bullet and save your credit if you can afford it.
It's hard, it's messed up but it's the reality of it.
If she were able to get a car loan by herself, she wouldn't have needed you to co-sign so most likely she can't refinance.
And I'm guessing she doesn't have a job so who is gonna give her a loan to refinance?
As a co-signer, you are 100% responsible for those car payments just as if it were your car.
While you wait for her to make payments, get her life straight or to refinance, your credit score will be dropping like a rock as well as her score.
take that car from her and run to your nearest carmax with your checkbook in hand and sell that car to them and take the loss and pay the difference (Balance transfer to yourself if you have to off one of your credit cards but do not let a missed payment show up or that car be repoed, your credit is way to good for that!!!
Excellent advice Creditaddict. When the OPs credit is as good as it shows - it will hurt her much more than her sister to have the repo. Plus she will have to pay the balance anyway. At least this way she can get top dollar (as far as possible) with Carmax and only pay the difference. She can then go after her sister if she so desires - but that is a whole different thing she may or may not want to persue.
@Creditaddict wrote:take that car from her and run to your nearest carmax with your checkbook in hand and sell that car to them and take the loss and pay the difference (Balance transfer to yourself if you have to off one of your credit cards but do not let a missed payment show up or that car be repoed, your credit is way to good for that!!!
@dursty87 wrote:This is why I will never co sign on a loan, family or not. Sorry to hear, OP and I hope it works out for you.
+1. Not even gonna co sign for my DD. No way. But I will buy it for her and pay my self. Put her name on it asco buyer to help her refit. You an take over your sisters payments to avoid the repo.