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How can I get out of an auto loan I cosigned on at 18?
I know this has probably been asked before. I cosigned on an auto loan with my mom, thinking that it would help out (It was a month after my 18th birthday so I was thinking about trying to build credit) assuming she'd make all the payments on time. A year and 40 on time payments later, she missed a single payment and my scores dropped 80-90 points each. Is there any way I can talk to the company or refinance or do something to get this off my report? I fear I may never be able to come back from this.

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You Can Try to Explain

You can't do too much about that other than waiting for it to drop off in 7 years and hope she doesn't miss any more of the payments. What you can do if you apply for a loan in the future is try to explain to the creditor how it wasn't your fault and show you've been responsible with your own credit and that you are a good risk for them. Not saying it will work, but as time goes it will have less of an impact on your credit score so don't sweat it much. 

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I'm  a Special Finance Manager (a nice way of saying subprime) at a franchised car dealership, so I have a bit of insight to the situation. The first sentence to this response is correct. The second sentence is way off base. When someone co-signs for a loan they are taking responsibility for the payments (lenders view BOTH parties on the loan equally responsible).

If kimofry122 wants to make sure that no more negitive information is reported, he or she needs to make the payments directly to the lender. Collecting money from mom will suck but that is the what needs to maintain your credit. 

 The ability to refinance would come down to a combination of that persons dti (debt to income) and pti (payment to income) ratios. Moms credit would also be a factor obviously(assuming you're talking about having the loan refinanced in only her name). The other factor to take into consideration is  what the ltv (loan to value) ratio on the current vehicle is.(payoff balance divided by value of collateral)

It will be very hard to find a lender to refinance someone with a negitve payment history on an auto (not to mention the strong posibility of a lot of negitive equity) without putting a ton of cash down.

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