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Posted in Auto Loans
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Question By
Calcjr

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Co-sign Auto loan
I just found out my son I co-signed for did not pay June's payment . I have made the account current . But am wondering if I can get this off or if not what impact this will have on my immaculate credit score .

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Not all reports equal

There is no way to remove yourself once you are on, unless your son takes out a new loan on his own to pay off the old one.  How much one late payment (if it actually gets reported and if you got it less than 30 days late they most likely will not) will vary depending on your credit history as a whole. I am not sure anyone can give you an exact number even if they knew exactly what is in your report.  Please remember that it depends on what scoring system a lender uses, it will be different for a mortgage, car, or credit card. And the one late payment will effect each differently, but be a downward on them all.

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Reply by
Nomadre

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The first part only removes you from the loan and will not remove the report of a late payment. I doubt there is a way to get the report removed, you can try to dispute with the credit reporting agency Equifax etc.  But most likely the loan company has the paperwork to show you as cosigner and it will not be removed.  But if you have perfect credit as you suggest one late payment I would not think will hurt too bad, again depending on the scoreing system used.

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Ugh...Kids just don't get how important good credit is and how long the consequences last when you make a mistake. Unfortunately as a cosigner you have assumed equal responsibility for the loan. A bad payment is there to stay. You may try a goodwill letter to the financial institution that has the auto loan, asking them to remove the derogatory remark. At the same time, to show them it will never happen again, you could change how it gets paid, i.e. automatic payments from YOUR bank account. It's worth a shot.
I helped my daughter get a car too, and I have it set up that way, so that the payment comes from my account every month and then she pays me directly. 

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