Clean Son's repo car loan out of my credit?

Answers:2   |   LastUpdateAt:2012-09-30 20:36:03  

Asked at 2012-09-05 15:26:03
They co - signed a car loan for my son . A few times he was late in paying . Then he was late again for two months and the bank repossessed the car . He made the payment and got the car back . And recently he was late again and seized the car again. MedlinePlus MedlinePlus Finally paid the remaining amount and got his car. MedlinePlus MedlinePlus My credit has dropped 820 to 620 because of this problem . Many of my credit card companies closed my account but I have to pay the remaining balances . Never been late on my bill payments . Please advise me what I have to do to clear my mind . What are my options . MedlinePlus MedlinePlus Thank you. MedlinePlus MedlinePlus He is my son ... I love him , but never signed by anyone ever again . MedlinePlus MedlinePlus People do not always co - sign anyone. !
Answer1ananyaAnswered at 2012-09-15 00:37:06
As your co -signer fully responsible for everything that happens . Because your credit is better , the lender could come after the money owed on vehicle even after it is recovered . Recovery appears on the credit report for 7 years so . MedlinePlus MedlinePlus Trying to take over the entire loan agreement may be the best option . Agreeing catch up with missed payments . MedlinePlus Trying to sell the car to pay in full immediately, even if you have to leave your pocket to pay the costs . MedlinePlus Call the loan company to determine what is willing to do. At the end of the day , it all depends on what they decide . As there is a breach in the contract . Court balls there . Good luck
Answer2HollyAnswered at 2012-09-30 20:36:03
That's why I never co sign for my kids . There is nothing I can do to fix this problem immediately . He paid the loan so it is necessary to request a copy of your credit report from the three places to see how they are reporting the loan . You can try to discuss the report . Write a letter to ensure that certified mail. They have 30 days to respond to you . If they do not investigate and respond they have to remove. As you know , when you sign your co responsible but also need to know that the payment is delayed in writing to give you a chance to pay. Other than that , you simply need to keep paying your bills on time to rebuild your score .
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