Need Help Making A Decision

[Anonymous]

I had financed a car for my brother a while back and he has been good  making payments, however, he died in a bad car accident I ended up paying the amount every month.  Now, I'm finding I can't afford paying it.  The car was a total lost and he had failed to tell me he had no insurance so I am studk with paying this financial loan.  I've worked hard at building my credit but now I can't afford paying this and all the other payments I have to make.  I"m ready to decide  not to pay this fiannce loan any more.  I know it will ruin what I worked so hard to build but I just can't afford it.  How much will my score go down and or is there a way I can get out of this?  I've talked with the creditor but they just won't budge.  HELP ME!!!

[Anonymous]

first, my prayers for you and your brother, and all the famlies involved.

my pregnant sister was killed in a crash that crippled my mother and scared my other sister's face (on thier way back from my then fiance's bridal shower). my wife's niece was just hospitalized after being in a fatal crash about two weeks ago.

second, it will hurt your score a lot. how much, no solid answer. fico is so fluid that what drags me down 100 points could cost you 50.

it could also end up in a judgement, garnishment, and leins which are other things that will hurt more.

how many attempts have you made w/the bank? how high up the food chain have you gone? maybe contact the local consumer reporter and give the bank a chance to get the choice of good pr?

[Anonymous]

The company is Americredit and back in February, I tlaked to the someone to let them know what happen to the vehicle. She did a report and said the company would come out and evaluate the car to see if it can be re-sold.  Of course it was a total lost.   Another time I talked to another lady and she basically siad I am responssible for the payments and was responssible to have it insured.  So that was it and really did not talk to anyone else up the food chain.  I talked to a dealer ship yesterday and because I live on the reservaiton (Navajo) they really can't touch me.  They can sue and sue but they can't touch me on the reservation.   I other people tell me to stop the payment and in the next four years, focus on the other debts to bring my credit score back up.

Man, life is just sudden like that.   

[Anonymous]

were/are you a co-signer or the actual title holder?

[Anonymous]

Sorry to hear about the loss of your brother and your situation. Was your brother the only vehicle involved in the accident? If not was he the vehicle at fault? The reason I ask is, most people pay for full coverage also include none/underinsured coverage ( I do ) so if your brother was not at fault then the other vehicle owner's insurance company would have to pay any expenses for property damage, medical bills including fatilities involved. Have you read the accident report completed by the police to see who was at fault?