Take this from someone who has been in the Auto Industry for 14 years. A repossession will KILL your credit. Not hurt...KILL your credit. Doesn't matter that this was a co-signed loan. On the credit bureau, the car payment reports as a joint account. It doesn't state who was first and who was second on the loan. You are BOTH equally responisble for the payments, therefore, the negative marks on the loan will affect you both equally.
I can usually find financing for people with bad credit....not always, but a good portion of the time. However, 99% of the time, if a customer has a repossession on their bureau, I can't do a thing to help them. Even if the repo was 4 or 5 years ago.
Plus, keep in mind, just because the car is repossessed, doesn't mean the bank won't come after you both for the loss. They can and will try to recover any inequity in the vehicle (meaning if the balance owed was $2,000 and they sold the car at auction for $500, they will try to recoupe the $1,500). They will also come after you both for transportation costs, legal expenses and more.
Find a way to pay this...you will be thankful you did in the future. (I understand the situation...but don't let a breakup haunt you for the next 7 plus years, as that is how long things stay on your credit report)
Automotive Sales and Management
· 7 years ago