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How much does a repo hurt your credit as a cosigner on a car loan?
How much will a repo hurt my credit score? I cosigned for my son's car loan. Turns out that he hasn't paid for months while he was away at college. I don't know if it was a pride thing or indifference, but now the car has been repossessed.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If the car has already been repossessed, it’s probably also been reported to the credit reporting agencies.
You should call the lender and see if you can make payment before the car goes to auction; this might allow you to minimize the damage to your
car loan
.In general, expect about a 50- to 150-point hit to your credit score as a result of the repo.
Talk to your son about his credit score as well. He may not be aware of the far-reaching impacts of repossessions and nonpayments.”
View full answer
- Gregory R.
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