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AdaAce

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I co-signed for an auto loan in 2007. It was repossesed in 2009. How long will this hurt me?
The current balance is being reported as 10,000 dollars. It have been 4-5 years since the car was repossesed, will this stay with me forever until I can pay the 10k?

I am a banker, and I hear about debts like these "falling off" your credit history. Is there any credibility to that thought?

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Top Contributor
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The rule is it will fall off 7 years from date it first went delinquent (the delinquency that started the repo).  You can write to the lender and ask them for information about the sale of the vehicle, what it sold for etc, to make sure you really owe 10K and not a lesser amount.  Whatever they sold the car for goes against the balance of your note, and you're liable for the remainder.  Sometimes those amounts are not reported correctly, and they may decide to delete the account rather than dig up the info.  Worth a shot!

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