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Posted in Auto Loans
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deseratelyseekinghelp5591

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How do I fix my problem, if I can
I helped my son out when he totaled his car. I was suppose to be the cosigner and because their credit was so bad the loan was put in my name. My credit score was 748 and after 2 late payments my credit score is 612 POOR. Is there anyway I can fix this? I wanted to refinance months ago before this happened but since I don't have a license I couldn't get the refinance loan. How was it that the car loan was put in my name without a license? It has a huge interest rate and for a 16,000 vehicle which is finance 7 YEARS they will be paying over $30,000 for this vehicle ! ! ! I know I was foolish and stupid.

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Unsure

I am unsure about this one, Do you have the origional loan papers? Its odd to see a car finance for 7 years too. Check your states laws reguarding the interest rate too. I got scammed basically but I was pregnant and needed a car with fair credit I ended up sighning with my fiance for a 14,000.00 car and the interest rate was 23.4% this is considered predatory in my state (WV allows 18% interest on car loans over $10,000 but no higher) the problem with things like this is since my loan company has its headquarters in North Carolina I could not do anything about it. Ultimatly with my fiance loosing a $30.00hr jobb we called to have them come get it, it took them ^ months and it racked up even more interest and penalties while they waited to come get it. Check your state laws. Also have you tried to refi through your personal bank? If you have a long standing relationship with your bank they may be more willing to refinance. You can check into bankrupcy as a last resort often times it is possible to keep the vehicle when doing a bankrupcy. Other than that I really do not know. Best of luck!

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