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the finance company won't let you get your name off of it. That way they can keep you on the hook since he can't pay for it. it will hurt your credit, but if you have a car you pay for on your credit and explain in the future what happened, you should be able to get another loan. If your name is on the title, you could possibly force the sale of the car depending on how it reads. you can also stop paying and make sure the finance company knows where the car is so they can go repossess it to sell and lower the amount that is owed. Bottom line is it will hurt your credit, but not as bad if you have your own good credit to off set it. It will deffinatly take you off the A+ list as far as lenders go, but again, not stop you from getting any car loan in the future assuming you have an auto loan you pay now.

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โˆ™ 2003-12-22 08:19:55
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Q: Is it best for your credit to let a jointly-owned car be repossessed?
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Related questions

What happens to your credit when your car is repossessed?

You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.


What happens to your credit after a car is repossessed?

Normally your credit is ruined for 7 years.


If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?

No, because you have your own separate credit report.


What are the best ways to rebuild your credit after your car was repossessed?

Paying off what still owed on the loan is a GREAT start.


If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?

yes


How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?

It has the same effect on the credit.


How can a car repossession be on your credit report when your car was not repossessed?

By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.


If a car was repossessed how long does it stay on your credit before it is removed?

7 years


How soon can you buy a car after a car has been repossessed?

You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.


After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?

The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.


How much would it hurt your credit if the car you co-signed for gets repossessed?

Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.


How does getting a car repossessed affect credit?

Stays on your credit rating for 7 years. Has a very negative effect.

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