Debt and Bankruptcy
Auto Insurance

What happens to a co-signor when the car is repossessed?


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Wiki User
2015-07-17 17:31:43
2015-07-17 17:31:43

Paula, you cant get the late payments off the record unless you can make a deal with the lender. First thing to do is pay it current, then get it taken care of about late payments, Pay the loan off, get B/F a job, get NEW B/F w/money,ect. Maybe if you paid the loan in full, the lender would remove the late payment records. You have to ask. Good Luck

A lender will not remove bad credit remarks on your credit just because your boyfriend messed up. A creditor will remove it if fruad is involved.


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if i get my car repossessed, can they put a llien on the house?

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In most states, YES. The lender can garnishee the signor AND cosignor wages and/or attach other personal property.

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

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Normally your credit is ruined for 7 years.

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You will also be liable for any deficiency balance

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