Pregnant Mommy!
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Call the agency where the car is being leased, you can go to the office if possible and tell them your situation and explain that you want to get your name off of the lease. They will prob ask for a third of the debt totaled. Make sure they fax or give you that statement in writing and proceed that way. Later on, if you are still upset about it or really need that money, you can sue your brother for the third you had to pay. I know that sounds tough but hey we all have one in our family. Best of luck to you. |
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stan c
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If he includes it in the bankruptcy, you're stuck, if he does not include it, that means he still has to make the payments. In the future, never lend money to friends or family. |
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msodee
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Your credit will reflect the bankruptcy on the auto loan as you are co-signer which will definitely hurt your credit. Take every ones advice and try to sell the car before he consults with a bankruptcy attorney. |
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DaveNCUSA
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You will be required to assume the debt on the car. |
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Jeanne R
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There is only one way to get out of this situation with your credit intact:
1. Have your brother sign the car over to you now.
2 .Make a payment that will bring the car loan current as quickly as possible.
3. Sell the car-do not let it be repo-ed. The repo company will sell it for far less than it is worth and YOU will be stuck for the difference. You will get far more for the car if you sell it yourself.
4. Pay off the car loan.
It is going to cost you some money to get the loan current and to pay off the remaining balance but that will be much less than what having a repossessed car on your credit report will cost you. |
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chatsplas
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negative impact
best thing is for you to take the car, assume payments, keep it or sell it
talk w/ bro and his bankruptcy attorney and don't do him any such favors again |
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golferwhoworks
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you will pay it off |
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Celeste
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If you have really good credit, it might take a hit but it will recover quickly. Or you may not even notice it.
You should also know that if your brother files a Chpt. 13, you will not be held liable because of the automatic stay and your brother is still legally paying the loan. However, if he files a Chpt. 7, the car loan will become your obligation. |
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smartblond48
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I hope you don't have any more like this at home. Chances are he new full well that this was going to be his future course of action and he is going to take you down with him if you don't do something fast. The instant he files you are on the hook for the entire balance owing. You should have had serious misgivings about his financial status when he asked you to co-sign the loan. |
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src50
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You will be responsible for the car loan. |
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Mommy Me
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You cosigned, therefore you are responsible for assuming the debt in the event that he does not or cannot pay. |
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kapn
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You just bought the car.........I can't understand why anyone would cosign for anything........if there credit is no good and needs a cosigner.......you get what you deserve and your brother is home free........... |
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Angie S
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You should make the payments, have him sign it over to you, and sell it. Then it won't affect your credit at all. |
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Anjell
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Yep it will....you ARE a co-signer. I strongly suggest the sell the vehicle or take you off the title ASAP so this doesn't drag you down with him. |
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boilerette72
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Ouch. That can't be good. |
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