Question by birdie: I Can’t trade in my car due to, two auto loans help!!!!!!?
In 2006 my car was repoed, I still owe 00 on the vehicle to the bank. Just last year I got another loan for a car in which i still have. I am trying to trade my recent car in but auto finance companies are not approving me because of the fact that I have two auto loans in my name. So I guess my question is that if my car i purchused in 2006 with my mom a cosigner was repoed then can the auto loan from the finance company still be open , or is it suppose to show that it was repoed?(Keep in mind that I have not payed a penny to them yet, do to the fact that i am only responable for half the price,)I pulled my credit report and the loan is still showing that it is current after two years, can they do that? Please help.
Best answer:
Answer by Bob
Taking the car in a repo doesn’t mean that you are excused from paying the remaining balance on the loan. If you haven’t paid on it since 2006, then you are showing as both a repo and a deadbeat. Where did you get the idea that you are only responsible for half the loan? A cosigner is a backstop for the creditor to go after. They don’t split the responsibility. All signers are responsible for the whole thing and they all get their credit trashed if the loan goes unpaid.
Know better? Leave your own answer in the comments!
