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Experian does not support Internet Explorer. It can be difficult to discuss money with friends and family, but it's important to remember that you're taking on the responsibility of a loan as the cosigner.
Your credit is on the line as much as your loved one's, so it's a good idea to fully understand their debt history and ability to make their car payments before you make a decision. You may find that the person couldn't qualify on their own because they have a limited credit history and needed someone with a stronger record of good credit management and on-time payments to strengthen their application.
On the other hand, perhaps a friend has a few bad credit marks from a few years ago pulling down their score. They've since gotten better at managing their money and debts, but those marks still may be cause for concern. Whatever the reason, having context about their finances can help you make an informed decision about whether to cosign the loan.
Ultimately, it's your decision to make based on what you know and what you might be able to find out if you ask. If you choose to cosign, it could help to come up with a game plan with the borrower for what to do if they can't make their payments for a couple of months.
Decide how you'll communicate about potential problems and at what point you'll step in to help with payments.
Agreeing on how you'll communicate about the loan is important because the lender will only send bills to the primary borrower. The lender doesn't have to inform cosigners that payments are late or that the loan is in default. Consider talking to the primary borrower about whether they'll show you their monthly statements or provide account access so you can monitor the loan's activity.
You may want to keep a few months of payments in a savings account in case you need to help out with the loan for a little while. Ideally, the primary borrower will manage the payments for the entire life of the loan. But knowing that you have the money to keep the account in good standing in a worst case scenario may bring you peace of mind. If a lender repossesses a car, will contact you regarding your options for the vehicle.
These might include:. Assuming that you choose not to reinstate the loan or buy back the car, the lender will also let you know when and where the car is being sold and how they will calculate the deficiency balance. Federal law requires lenders to conduct a "commercially reasonable" sale, which means they cannot sell the car for significantly less than the fair market value and then require you to pay the difference.
Although a repossession stays on your credit report for seven years, there are steps you can take to repair your score. Their presence on your report means they can factor into credit scores based on your Experian credit file, which may give you a lift.
Just because you have a repossession on your file doesn't mean you have to wait seven years to improve your account. By being proactive and managing your accounts well, you can come back from default, perhaps even sooner than you think.
The purpose of this question submission tool is to provide general education on credit reporting. The Ask Experian team cannot respond to each question individually.
However, if your question is of interest to a wide audience of consumers, the Experian team may include it in a future post and may also share responses in its social media outreach. If you have a question, others likely have the same question, too. By sharing your questions and our answers, we can help others as well.
Personal credit report disputes cannot be submitted through Ask Experian. A collection account remains in your credit report seven years from the original delinquency date of the original account.
Both the original account and the collection account will be deleted at the same time. An unpaid collection account will hurt your credit scores while it appears in your report.
Some credit scores may not include paid collection accounts in their calculations. If you are struggling to make payments on your car loan, you should contact your lender as soon as possible to discuss your options. Depending on your situation, you may be able to avoid repossession by:. Close Menu. Repossession and Credit. What Is Repossession? There are two primary types of repossession: Car: the most recognized form of repossession.
Lenders may take back your car if you fail to repay the auto loan. General property: Similar to auto repossession, but other forms of property purchased using a loan.
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