How do I go about getting a repo that I co-signed for off my credit report?

Question

To make a long story short I co-signed for a friend (dumb) she bought the car 5/07 and got it repossed in 9/07. She had not made not one payment on the car the dealership didnt contact me until the car was actually taken from her. I wanted to know can I take her to court so she can get it paid off and how long will it take to be taken off? I have every document from when the wanted to settle and what she agreed to pay them every month she was having a payment taken out of her account. I guess once she realized what was going to happened she closed her account and found a new job. Do I need to know where she works I have her social and address?

Answer 1

you will have to take her to court if she is not willing to pay, sad to say i ran into this with an ex friend of mine   you cannot i dont believe  get it taken off your report til it is paid off...good luck

Answer 2

Unfortunatley for you being a co-signor, when you friend defaulted on the loan, that makes your responsible for the debt. Even so, if she files a bankruptcy, that would make you totally responsible for the debt as she would have a bankruptcy protection on her, and they would come after you for the total amount of the debt less the sale price, if it sold at auction. You can consult an attorney to find out what you can do, but other than paying the debt and/or filing a bankruptcy, they can and will seek to sue, get a garnishment, attach wages and/or bank accounts. This is why co-signing on a loan is really not the greatest thing to do. Even though you have the documents showing the settlement amount and her agreement, it really won't mean anything to a court, you co-signed and they want their money. Good Luck!

Answer 3

Didn't you read the papers they gave you? When I co-signed my girlfriends car, they gave me 5 sheets of paper informing me that I was assuming a risk and the potential for problems and believe me, I hounded her every month to ensure the payment was made.

You are legally responsible for this debt and they do not have to inform you if she is in default. There is absolutely no way to remove it from your credit report because it is 100% legit. Sorry, your credit is a mess now.

However; you have every right to sue her for the money you now owe and have a judgment filed against her, but they will be coming after you, so start paying.