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My sister co-signed a car loan with me will it hurt her credit if I tuned the car over to the bank? |
I lost my job and can't make payments now, and I don't want to hurt her credit for doing me a favor. Yes it will. That is why the bank required a cosigner, to be able to collect the debt from her now that you're not making the payments. The bank will now go after her. I would suggest selling it yourself and doing whatever you can to pay the balance off! If your sister can't pick up the payments for the car, the bank will put it on her credit report as bad debt. Sorry about your job. if you turn the car to the bank, the bank will contact your sister to get the money she signed for. if she pays them the car is hers and it will not affect her credit. if she doesn't pay them, they will report it on her credit as bad. it will affect your credit as bad either way. Yes it will be bad for you both. Try selling the car and paying off the loan...that way no one gets hurt. Good Luck Yes it will. That is why the bank asked for a co-signer, she guarantees with her credit that you will make good and on time payments. If you do return the car to the bank it will be reported on both your and hers credit as voluntary repo and both of you will be very negatively impacted. Your best bet is try to sell the car and with the proceeds pay off the balance to the bank. Yes Yes Yes!!!!! If you default on the loan, the bank will go after your sister - especially if the value of the car does not cover the amount of the loan. If the loan is listed as defaulted due to no fault of hers, her credit will also get hurt. It may be better if you sold the car and gave the money to the bank, and find ways to come up with the rest, before the loan becomes past due. |
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