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.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
Normally your credit is ruined for 7 years.
No, because you have your own separate credit report.
Paying off what still owed on the loan is a GREAT start.
It has the same effect on the credit.
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
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.
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.
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
Stays on your credit rating for 7 years. Has a very negative effect.