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Need help!!

New Member

Need help!!

Hello, I hope some of the experts on here could help me out. About four and a half years ago I co-signed for my cousin's car. I was (21) not caring / educated on credit and i thought my cousin was a responsible adult at the time(30) at the time . A year into making on time payments he started being late here and there every year and it's been hurting my score . Apparently he doesn't care about his credit and is always telling me he can't refinance the car. Our "family bond" is completely gone we don't have a good relationship. I'm trying to rebuild my credit this is really holding me back and there's 27 months left on the loan. WHAT ARE MY OPTIONS!!!
Community Leader
Senior Contributor

Re: Need help!!

Honestly, you don't have any worthwhile options.  At this point you've just got to hope and pray that he actually completes the loan and you don't end up toting the rest of the note. 


If he can't refinance then there isn't anything else you can do because assuming the loan yourself and just paying it off and have him pay you but I seriously doubt an option of such would even remotely be on the table considering he's already demonstrated a history of not paying the loan on time.


I won't bother lecturing you on why co-signing (while not always a bad thing to do) can be a costly mistake as I'm sure you're aware and is currently learning the hard way.


OP, I hope that the relative continues to at least make the payments so you don't get totally screwed in the end but the only way to stop the late payments is for you to always keep the loan up to date yourself...and that means you burning money out of your own pocket.  At this point you have to decide what's in your best lose money or take the credit hit for the continuous late payments.  Sorry...I wish I had a better answer for you but this is a clear case of how sometimes the good guy doesn't prosper.

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Valued Contributor

Re: Need help!!

You really have 3 choices


1. Continue as is and hope it changes (whats the definition of insanity?)

2. Make the payments to the bank yourself and hope he pays you

3. Take the car and sell it

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $3,000, Kohls $2,000, BBVA $2,500

Closed CreditOne $800, Blaze MC $3,000, Waufair $5,000

Infiniti Financial lease $9,777 remaining, 19/39 months left
Subaru/Chase $12k 1.99% 35/36 months left

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