General Question

sanbuu's avatar

Any ideas on how to avoid getting your credit hurt, before-during-after a care REPO?

Asked by sanbuu (94points) November 1st, 2008

Helped a family member, and he can’t make payments anymore. But its my credit that is in trouble.

Observing members: 0 Composing members: 0

5 Answers

cwilbur's avatar

Make the payments for him, and sell the car before it gets repossessed.

And in future don’t co-sign loans for anyone you’re not willing to sacrifice your credit history and your savings for.

marinelife's avatar

^^That’s the only way. If repossession happens, your credit will be damaged.

sanbuu's avatar

Thanks everyone, I will put this Jeep up for sell then.

jballou's avatar

Don’t just sell the Jeep- make sure you settle the debt completely in the name of the primary! This will keep it off your credit entirely. Don’t let them take ANY action against him, because they, almost simultaneously, will take action against you. Selling the Jeep is a good start.

sanbuu's avatar

Well I’m in Florida right now, and the Jeep is in texas. I have to wait till i get to Texas, and then start on all of this. Hopefully by X-mas i will be smiling with joy and relieve.

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