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Posted in Auto Loans
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Question By
Wason69

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late car loan payment
I cosigned car loan for my former fiancé. One day i came home from work and she had moved out taken the car with her. She moved out of state and refused to return the car or make the payment. I tried to get the car back but she moved to 5 different states within a 6-month period. Finally, with help from her family I was able to trick her into believing that the bank had reported the car stolen. For this i had to stop making the car payment, which affected my credit. I got the car back almost a year ago, payments are up to date and actually ahead. Unfortunately, my credit was hit with being 4 months late on the car payments. Is there any way to have that removed from my credit report? Are credit repair companies a good idea? Not sure if this is necessary information, but the loan was taken on 2013, I was late 4 months, Credit Karma shows them to be 2 “30” days, 1 “60” and 1 “90”. I should be able to pay off the loan in another 14-16 months. Any advise ?

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As the co-signor, the payments were not yours to make and should not be reflected on your credit report.  It would only have been an issue if you were co-applicant on the loan.   If the loan was in default, then the responsibility could then be given to you and affect the would be from the point they requested payment of the loan in full at the time.   The damage to your credit report has been done and nothing but time can help in that respect.   As time passes, the importance of the late payments will be reduced althought they will remain on your credit for 7 years.   Your story is a lesson for anyone considering co-signing for a loan.  Don't co-sign for anything which you aren't willing to make full payments for. 

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