I co-signed on a car it got towed for tkts and is 3 mo late in pymts. Will they come after me if its repoed?

Question

He's showed me that he won't pay, but I'm worried that they will ask me to pay it. I'm prepared to have a repo on my credit, but I don't want it to be a debt that I actually owe. Please help.

Answer 1

If you want your credit to stay in tact, you need to immediately make the 3 payments to bring it current. And get the car out of storage ASAP. Pay off the tickets, the towing and the storage fees. I'm sure it'll come out to quite an expense but you have to do it if you want to keep further harm from your credit history.

Right now, you are showing a 90 day late pay which is a bad blemish on your credit history. If the car gets repo'd, you'll take a major hit to your history and it will stay there for 7 to 10 years. You won't be able to finance anything, not even a toaster, until it's cleared off your record.

Also, if it gets repo'd, the lender will come after you for the towing and storage fees. If you don't repay them, that goes into collection. Another huge hit that further damages your credit score. And once they sell the car at auction, if they don't get enough to cover what is owed on it, they'll come after you for that too.

So if you let the car get repo'd and refuse to pay all the fees plus the balance of what is owed once the car is sold at auction, your credit will be ruined for 7 to 10 years. Credit card companies may make you repay your entire balance with them and close your accounts too.

Buckle down. Pay everything off, get the car back and keep making the payments until you can sell it and pay off the lender.

Answer 2

well you should not have sign the papers then cause if he dont pay you do  is what co signing means and they could sue for it and yes it will be a mark on the record i wouldnt co sign for any one why its a smart thing not to do if one dont have a good enough record to get loan then they are not good enough to pay me

Answer 3

Yes you are considered an owner of the car,... on the loan.. and registration. You should do what you can to take care of that. and then sue the irresponsible person who got you in that situation.

You can take them to small claims court for the damage.

Dont let the car get repod it will be on your credit history and you will be obligated to pay. contact the loan company and work out something. right away.

Answer 4

they want their money, if not from him then from you.

choose better "friends"

Answer 5

The bottom line has your name on it so you can bet they will be after you. That's why they have co signers. If you don't bring the payments up to date it will kill your credit.

Answer 6

Don't want other's debt?

Don't cosign or at least read the contract explain how easily you have signed yourself away in that event first!

Reading is FUNdamental.  Well, not in this case.

Answer 7

Yeah, if you co-signed then you're also responsible for the car.  

Answer 8

the one who's name is on plate owns the tickets co signing is one thing registration is where you can get screwed  

Answer 9

You actually owe it and they will expect you to come up with the money.

Answer 10

sorry to tell you, you're on the hook.  Sounds like you'll have to pay the tickets to get the car out the pound so you can sell it.

three months past due and they haven't called you yet?

"prepared to have a repo on my credit".........do you *know* what you're saying?  this could really s***w your life up bad.

besides which, you should realize that after they repo, you will *STILL OWE THEM MONEY* -- whatever is left after they sell the car at auction.

I highly recommend you check your credit reports.  If you use "free credit report.com" you'll have to pay.  

The real free credit report is http://www.annualcreditreport.com you get one free per year from each of the three agencies.