How will my repo affect my spouse's and cosigner's credit scores?

I financed a car before I married my wife, but I just had the car repossessed. I also have a cosigner on the loan. How will this affect their credit?

“Since you purchased the car before you got married, your wife’s credit will not be affected by your repossession.
However, the cosigner’s credit score can be drastically affected. That said, the lender should’ve contacted the cosigner when you failed to make payments on your car.
Just to be safe, make sure to contact your cosigner right away and tell them what’s happened.”
Eric Schad
Answered on May 05, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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