cosigned loan

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davejc6

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Have a question? If you cosigned a car loan with your daughter she does have a job but she move out with a guy who doesn't give a **** about anything and driving it.

Now the loan is behind. I can buy the car but wondering?

Would you take the car back sell it and take a lost? Let it repo take the lost? She needs it for work. Damn this sucks.
 
If my name was on that car and the insurance .....He would not be driving the car...

you are liable if he wrecks the car and any other damage done....
 
Take the car back or you will regret it in the long run as it will effect your credit..
 
If it goes into repossession there will be a ding on your credit....
 
If your not worried about your credit let her deal with it. But in the end you cosigned so if it gets repossessed. They will sell at auction then they will go after both you and her for any amount owed over the sale price plus fees for taking the car back.

I have an adult daughter that has given me much grief. Wish I had some great advice but the best I can do is say let them be free to learn on there own. As much as it hurts sometimes life is the best teacher.
 
If I were you I'd repo it yourself and either sell it or pay for it and keep it. Since you are co-signer, I'd go to the finance co. and if necessary get paperwork from them giving you authority, even if you have to make up the payments first.

What you are doing here is known as "being an enabler" and it does neither you nor her any good
 
zhandfull said:
If your not worried about your credit let her deal with it. But in the end you cosigned so if it gets repossessed. They will sell at auction then they will go after both you and her for any amount owed over the sale price plus fees for taking the car back.

I have an adult daughter that has given me much grief. Wish I had some great advice but the best I can do is say let them be free to learn on there own. As much as it hurts sometimes life is the best teacher.
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well said
 
If it were me I would buy her a dependable $1500 car. Write her a letter explaining that you love her very much but she's an adult now and this is the last car you're buying for her and you have no choice but to take the other car back.
 
Tough love. Take it back and sell it, unless you're OK with the credit ding, which you may have already if the payments are behind.
 
If you let it repo, the bank will sell it for what they can. If there is any left owing on the note (and there always is) they will come after you for the difference. Don't ruin your credit. I had four cars when I was 16 years old, all bought and paid and insured for by ME. I don't understand why in the world parents think they gotta get their kids somethin to drive. Nobody ever bought a car for me. When you cosign, you are telling the bank that you are just as responsible for paying the loan as the primary signer. They will use every tactic in the book to get their money. Just because you let it repo will not be the end of it. They have the legal right to come after you for every dime that's still owed on the loan plus any other associated fees up to and including wrecker bills, storage and repair to get the vehicle in shape enough to sell. You will lose your *** if you let them repo it. That's the dumbest decision you could make. Get the car back yourself and sell it.
 
I can't believe how many people are telling you "if you are not worried about your credit rating, let the car get repo'd" What happened to being a man of your word. You agreed with the lender that should your daughter default that you would repay the loan. First and foremost , live up to your committment and pay your debt(s). A man's word is worth everything!!!! Second: take the car from your daughter and explain that as you now have to pay for it you will be using it or selling it. Make sure the dead beat boyfriend can do no harm to you or your daughter while he has access to this vehicle. Your daughter needs to grow up and honour her committments as well. Be an example for her and do the right thing.
 
Hate it when things of this nature heads down the wrong road but we all love our kids, or at least we should. Not really sure of the relationship you have with your daughter but this might shed some light upon reality and just maybe might be a way for adults to solve this matter. Have a good heart to heart talk with BOTH her and the BF. No matter how far out of touch they maybe they do have an obligation to do some listening. Give them the facts of this situation and the possible end result of their actions. Ask them their thoughts and intentions on the car deal. Ask the BF what plans he has for his life. Ask him if he's just using your daughter as a fun thing. Do some real hard listening to what he says and ask more questions upon hearing his answers. Point out the obvious demeanor of his lifestyle and ask if he would consider this type of behavior acceptable should his daughter be in a relationship of this nature. Try and get in the boys head enough so as to enable you to let him understand your position. Does he have any children? If so then you may be able to relate the fact that he might consider himself in this position if his daughter were hanging with someone that would not or could not provide for her. I'm sure right now the facination for sexual desire is the driving force for the relationship but as we all know that force has a track record of going away or at least becoming far less important as life goes on and then life really becomes an eye opener along with all the previous mistakes that were made. Lay it all out on the table and make your point that you do love her but will not tolerate the ruination of your credit by someone that should love you back. You made the first step of showing your love and now it's time for someone to return their act of love. If they dont understand this method of thinking then they will need a good dose of reality. You will need to go get the car and make things happen. It's a great life if ya dont weakin. Keep us posted. No charge for the advice. The expense will come with the inability for you to react in a rational and decisive manner.
Small Block
 
bernieca said:
I can't believe how many people are telling you "if you are not worried about your credit rating, let the car get repo'd"
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I think it's being said as an example of what can and will happen. Im my comment anyway.
 
bernieca said:
I can't believe how many people are telling you "if you are not worried about your credit rating, let the car get repo'd" What happened to being a man of your word. You agreed with the lender that should your daughter default that you would repay the loan. First and foremost , live up to your committment and pay your debt(s). A man's word is worth everything!!!! Second: take the car from your daughter and explain that as you now have to pay for it you will be using it or selling it. Make sure the dead beat boyfriend can do no harm to you or your daughter while he has access to this vehicle. Your daughter needs to grow up and honour her committments as well. Be an example for her and do the right thing.
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I am a man of my word. Me and the wife NEVER had a late payment in 28 years of marriage NEVER I had perfect credit till now.

I was just asking advise to see if anyone else had this happen.
 
Small Block said:
Hate it when things of this nature heads down the wrong road but we all love our kids, or at least we should. Not really sure of the relationship you have with your daughter but this might shed some light upon reality and just maybe might be a way for adults to solve this matter. Have a good heart to heart talk with BOTH her and the BF. No matter how far out of touch they maybe they do have an obligation to do some listening. Give them the facts of this situation and the possible end result of their actions. Ask them their thoughts and intentions on the car deal. Ask the BF what plans he has for his life. Ask him if he's just using your daughter as a fun thing. Do some real hard listening to what he says and ask more questions upon hearing his answers. Point out the obvious demeanor of his lifestyle and ask if he would consider this type of behavior acceptable should his daughter be in a relationship of this nature. Try and get in the boys head enough so as to enable you to let him understand your position. Does he have any children? If so then you may be able to relate the fact that he might consider himself in this position if his daughter were hanging with someone that would not or could not provide for her. I'm sure right now the facination for sexual desire is the driving force for the relationship but as we all know that force has a track record of going away or at least becoming far less important as life goes on and then life really becomes an eye opener along with all the previous mistakes that were made. Lay it all out on the table and make your point that you do love her but will not tolerate the ruination of your credit by someone that should love you back. You made the first step of showing your love and now it's time for someone to return their act of love. If they dont understand this method of thinking then they will need a good dose of reality. You will need to go get the car and make things happen. It's a great life if ya dont weakin. Keep us posted. No charge for the advice. The expense will come with the inability for you to react in a rational and decisive manner.
Small Block
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Great posted. We had a very good relationship with her before this and we still do. But since this she will not answer here phone cuz she knows she is wrong. Wife is trying to set up a lunch date with her
 
Good luck with this. I really was not trying to insult you or insinuate that you are a dead beat. Just don't like hearing people give bad advice regarding someone allowing a repo when it can or should be avoided.
 
Small Block said:
Hate it when things of this nature heads down the wrong road but we all love our kids, or at least we should. Not really sure of the relationship you have with your daughter but this might shed some light upon reality and just maybe might be a way for adults to solve this matter. Have a good heart to heart talk with BOTH her and the BF. No matter how far out of touch they maybe they do have an obligation to do some listening. Give them the facts of this situation and the possible end result of their actions. Ask them their thoughts and intentions on the car deal. Ask the BF what plans he has for his life. Ask him if he's just using your daughter as a fun thing. Do some real hard listening to what he says and ask more questions upon hearing his answers. Point out the obvious demeanor of his lifestyle and ask if he would consider this type of behavior acceptable should his daughter be in a relationship of this nature. Try and get in the boys head enough so as to enable you to let him understand your position. Does he have any children? If so then you may be able to relate the fact that he might consider himself in this position if his daughter were hanging with someone that would not or could not provide for her. I'm sure right now the facination for sexual desire is the driving force for the relationship but as we all know that force has a track record of going away or at least becoming far less important as life goes on and then life really becomes an eye opener along with all the previous mistakes that were made. Lay it all out on the table and make your point that you do love her but will not tolerate the ruination of your credit by someone that should love you back. You made the first step of showing your love and now it's time for someone to return their act of love. If they dont understand this method of thinking then they will need a good dose of reality. You will need to go get the car and make things happen. It's a great life if ya dont weakin. Keep us posted. No charge for the advice. The expense will come with the inability for you to react in a rational and decisive manner.
Small Block
Click to expand...


Very well said!
 
You could repo the car back and then pay what's owed up to date and turn it over to the finance company so you don't have to pay on it anymore. They are dragging your credit down with them if you don't.
 
No don't do it . It's the same as repossesion, just voluntary. Liquidate the asset yourself and satisfy the lienholder. That's about the only thing to do.
 
I'm actually discussing a very similar issue that my buddy has going with a student loan that he cosigned for --
1st off -- NEVER COSIGN ANYTHING unless you have the stones to take it off the other person.

Okay -- Everyone above is 100% since your name is the loan and it is already behind your credit is already being hurt by this. Since it is your daughter, and if you have the money to pay for it, you should pay for the car only to save your credit and your daughters credit... Then you should take the car back. Once you have the payments caught up and onetime again (this restoring your credit some) then you can make the decision to to keep the car and keep paying on it, or sell it at either a loss or to someone who wants to take over the payments....If you sell it to someone who wants to take over the payments make sure to go and transfers all of the documents so that it is out or your name completely. YES THIS IS TOUGH LOVE... What every you do, do not let the car get repo'd.... It will CRUSH your credit!

Sometimes the only way to get kids to learn is to let them fall flat on their face. My folks did it to me and someday I will do it to my kids, but I'm a much stronger and wiser person for it. I have actually thanks my folks numerous times for not being a safety net at times.

As for the dead beat boyfriend.... get rid of him! .... It is true though that if he is driving the car that is in your name you are on the hook (or your insurance is) for any damage that he would incur to either the car or others property. Will get very ugly too.

Good luck with it all....
 
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