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Posted in Auto Loans
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versacrane1

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Co-signer deliquency
I am a co-signer on a car loan for my grandson. He was late on one of his payments and now my credit score has went from 783 to 632. Why is this effecting my score? It has not been repossessed and he is currently catching it up.

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Any missed or late payment is going to have an effect on one's credit score and when you co-signed for your grandson, it was the same as if you had taken out the loan yourself since you were virtually guaranteeing that all payments would be made on time or you swopuld be responsible for them.  He can't "catch up" to where the late payment doesn't show because it can't be undone.  However, he can and should make sure all payments are made on time until the loan is paid in full.

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