@Anonymous wrote:Hello. So my boyfriend is bad at financials and since he met me is starting to get better. However I was never taught anything about the subject but I have recently become interested and started to learn alot being 27. So here is one issue. He has now defaulted on two car loans. The first seemed to be just way too expensive or something but after looking at his CK I saw this.
Creditor NameCRESCENT CREDIT UNIOAccount TypeAutoAccount StatusClosed - Paid and ClosedOpened DateDec 13, 2010Closed DateOct 01, 2013Limit--Term72 MonthsMonthly Payment--ResponsibilityJoint AccountBalance$0Highest Balance$34,814Payment Status120-149 Days LateWorst Payment Status--Date of Last PaymentOct 01, 2013Amount Past Due--Times 30/60/90 Days Late9/6/1RemarksFixed ratedoes this mean someone paid his loan off? And will this be on his credit until around 2020? The second one is this...Last ReportedJan 31, 2017Creditor NameCHRYSLER CAPITALAccount TypeAutoAccount StatusClosedOpened DateOct 16, 2013Closed Date--Limit--Term72 MonthsMonthly Payment$366ResponsibilityIndividual Account.Balance$9,731Highest Balance--Payment StatusCollection/Charge-OffWorst Payment Status--Date of Last PaymentJan 01, 2017Amount Past Due--Times 30/60/90 Days Late8/7/6RemarksCharged off accountNow this car was repoed and he paid to get it back. Since then, the car has been reported charged off on his credit and after talking to Chrysler they said there is nothing they will do to change the Charge off status each month even though he has the car and is paying. He still owes some fees from repo but has been making payments every month since decemeber around $500 a month. Since the car is being reported as a charge off is it worth it to keep paying this loan without any credit benefits? or should he look into trading it in? or any other ideas?
The 1st car loan obviously had a co-signer...was it Mom/Dad, an ex-girlfriend?? Their credit was hurt by his actions too, so it's very possible they paid it off. But either way, the damage is done and its on the report for the 10 yr period. No way around that.
He clearly didn't learn his lesson the 1st go around and got another car and did the same thing, just didn't pay it. None of my business either as the above poster said, but he's needs to examine WHY this has happen 2 times in a row. Does he not have a steady job? Illness? Wanted more car than he could honestly afford? It's time for some soul searching.
I agree also with the above poster, he will most likey NOT get another car loan, and doesn't NEED one. He needs to live up to the obligation he agreed to with Chrysler and pay this car off...on time..no more late pays or missed payments. They've already repoed it once, they'll pull the trigger even quicker the next time. I would also recommend both of you signing up for a budgeting/finance class somewhere to learn more. I hate that schools don't teach this very important lifelong skill anymore, but I won't jump on my soapbox about that 
Good luck to you both, and hang out in the rebuilder forum for some added great advice!
