It has the same effect on the credit.
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
yes
Carly, it can affect what interest rate you pay(HIGHER THAN NORMAL), how much you have to pay down to even get a loan. It is NOT a positive thing to have on your CR.
As long as loan stays current, credit & other obligations irrelevant.
Goes on your credit as a repossession.
If your name was on the note, yes.
Yes it does, as it delays the foreclosure when the borrower is having financial problems. But this is only a temporary solution as if the borrower has very serious financial problem, this is definitely the solution.
No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.
The only person it affects is the person the item is being repossessed from. Unless, one of the family members is a co-signer on a loan of the repossessed item. Then, they can bear the responsibility of repaying the loan and it will show on their credit report as well. I'm not aware of what is being repossessed, but the implications of repossessions may affect others...just not financially, unless taxes are involved (like a home).
No, not if the wife is the sole borrower.
Only if the dealer reports it to the credit bureaus.