cosigned loan

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I went through this with my nephew and his wife.

I got tired of making car payments for the deadbeats who would not reform their bad spending habits. I did not want the POS car.

I ended up having the finance company take ownership of the car. It took a few months to clean up my credit about the repossession but I still managed to buy a house without any trouble.

Good luck with whatever path you choose.
 
davejc6 said:
Can this be done?
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Even with a voluntary repossession, they will sell the car for what they can and you will be responsible for the difference. Regardless of whether it goes on your credit or not.
 
being a c-signee, and it being late: this affects Your credit rating and I would get the car under My control asap. From what You have submitted so far, My opinion is Your daughter likes Her boyfriend more than You and is not doing anything to uphold Her end of the bargain so again, I would take possession and see How she works it out.

I believe in helping Family but I'd don't believe in being taken advantage of. Hope it works out for You
 
Had the same thing happen with my daughter.
What I didn't know at the time is that she and her grandmother had already been through this.
I co-signed a loan, things went well as long as her husband was working. He was fired from his job and the payment was the first thing that was ignored. I got a letter in the mail letting me know that the payment was behind. I asked my daughter about it, and Mr. Wonderful basically told me it was none of my "f-ing" business.
I paid the payment, told my daughter this one was on me, but no more. Sure enough, it happened again the next month. I told my daughter I was going to take the car back. Mr. Wonderful dared me to, said he would report the car stolen. No sweat, I went and got the car, parked it in my shop and there it sits today. He called the cops, that backfired on him, he was holding some pot at the time. I told my daughter when she gets rid of the loser she can have her car back. This went down a year or so earlier with my ex-mother-in-law. except that car was re-posed and her credit took a heck of a hit for it. You as a co-signer have as much right to the car as he she has. sounds mean, but you need to look out for yourself and let your kids learn the hard lessons in life. Suck's I know, but don't let their mistakes drag you down with them.
Just my 2 cent's
 
Pay off the damn loan before it screws up your credit anymore and GO SNAP THE CAR BACK IMMEDIATELY!

It sounds like she's not talking to you anyway. If the boyfriend stacks it, you're going to buy each and every piece of anything he hits. And that's not counting the lost of her car and what the law suit is going to cost you.

After my daughter finished junior college, she went to SoCal. She said she wanted to go to school down there. Three years later she still wasn't in school, had let her insurance lapse, and had a parking lot fender bender that cost 800.00. Since our agreement was that if she worked enough to pay the license, insurance, and bought her own fuel, I would supply the car as long as she was going to school, I snapped the car back (89 red Mustang convertible). Within three weeks she was enrolled at Cal State and I came up with another car (blue 88 Mustang convertible).

Last year she graduated from law school, passed the California bar, and I get free law advice. Tough love DOES work.
 
If your name is not on the title and you take the car it's auto theft so if it's not pretty much you're out of luck if she wont volunteer the car. Once again DO NOT COSIGN ANY LOAN!!!! If you do figure on just giving them the money.
 
I been here before when I cosigned. People call it a small dent in credit truth is they rape your credit... and you still have to pay it either way. I would take it and sell it your self so the pocket wont get the full hit
 
You have two problems. AND your daughter needs to take responsibility for them which is why she isn't answering her phone.

#1 - Deadbeat driving a car you are financially responsible for, it might not be a big risk but with him NOT working it could be a sign that he is irresponsible and that could be a HUGE risk if true. You need to get the car away from him.

#2 - Your credit is at risk. You need to get off all of the paper work - what ever it takes! She might need to refinance or get the car paid-off or get rid of it but you need to make that her problem.

The sad part is you need to do SOMETHING. I would confront her and let her decide what she is going to do to solve your problems... it might mean getting rid of the car or you taking it or whatever.

I would also be concerned she needs help with a bad relationship and then I think you have a different path to take.

I hope this helps!

Let us know.
I hope this helps
 
Great stuff here. Wife had lunchwith her. We give her to the middle of May and we are taking the car He has a old beater they can share if that what she wants. I have all legel rights to the car.

My credit is hit with late payments If I take the car before repro I think I can clean it up.
 
When I was 19 I ORDERED my first new vehicle the way I wanted it, a 2001 Ram 1500, without a co-signer,...ie, my dad, as he's who my sisters and I lived with.

I made the mistake of trading it in on a 2003 Hemi Quad cab 4x4 in May of 2004. After some tough choices, in September 2005 the truck was repoe'd. My dad wouldn't help me one bit. But I learned from it and have made wiser choices since.

However, my two sisters are different stories.
My older sis was married and my dad co-signed on an Intrepid....sis stopped paying on it and bank took it...so, dad started paying payments on it.

My lil sister got married and had a bum of a husband who wouldn't work. Dad co-signed on a new Impala and a new Mercury somethin or other (can't remember). Needless to say, both of those got reposessed.
This all happened around the same time.

Keep in mind, my pops had good enough credit that the dealerships told him he could walk in and buy a Viper or Vette with no money down if he wanted.

By the end he was served papers and had to pay!!

Both my sisters are still trying to pull the same crap, at least my dad won't give them the money this time.

Kinda made me a bit mad at first for him not helping me, but I'm gratefull for it now as I've learned and moved on....sister's, not so much.
 
64 SRT8 Dart said:
When I was 19 I ORDERED my first new vehicle the way I wanted it, a 2001 Ram 1500, without a co-signer,...ie, my dad, as he's who my sisters and I lived with.

I made the mistake of trading it in on a 2003 Hemi Quad cab 4x4 in May of 2004. After some tough choices, in September 2005 the truck was repoe'd. My dad wouldn't help me one bit. But I learned from it and have made wiser choices since.

However, my two sisters are different stories.
My older sis was married and my dad co-signed on an Intrepid....sis stopped paying on it and bank took it...so, dad started paying payments on it.

My lil sister got married and had a bum of a husband who wouldn't work. Dad co-signed on a new Impala and a new Mercury somethin or other (can't remember). Needless to say, both of those got reposessed.
This all happened around the same time.

Keep in mind, my pops had good enough credit that the dealerships told him he could walk in and buy a Viper or Vette with no money down if he wanted.

By the end he was served papers and had to pay!!

Both my sisters are still trying to pull the same crap, at least my dad won't give them the money this time.

Kinda made me a bit mad at first for him not helping me, but I'm gratefull for it now as I've learned and moved on....sister's, not so much.
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WOW super post> We do have our plan now
 
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