How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ely Your Own Question
Ely
Ely, Counselor at Law
Category: Consumer Protection Law
Satisfied Customers: 99981
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
7286322
Type Your Consumer Protection Law Question Here...
Ely is online now
A new question is answered every 9 seconds

I cosigned car loan. The person stopped making the payments.

Customer Question

I cosigned for a car loan. The person stopped making the payments. My credit is perfect...I've been making payments. I'd like to stop making the payments.
1. What long term impact will it have on my credit?
2. Can I do anything proactively with the bank?
Thanks much,
Bob
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note:This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation. If you stop making payments, and the other party stops making payments, and the lender reports the missed payments to credit agencies, then your score will suffer. How much depends on a manu nuanced factors of a formula that is not public, but you can go to www.creditkarma.com, log in, and do a "what if" scenario to see how your credit would be affected (note that the scores there are what are known as "FAKO" scores, but they are basically 2-5 points off your actual score).

I am sorry to say that there is nothing that can proactively be done aside continuing to pay the loan. One can ask that they not report this on one's credit, but it is the lender's decision.

Please note: If I tell you simply what you wish to hear, this would be unfair to you. I need to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved for experts who are rude or for erroneous information. Please rate me on the quality of my information; do not punish me for my honesty.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how I get credit for my time with you. Rating my answer the bottom two faces/stars or failing to submit the rating does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

Expert:  Ely replied 1 year ago.

Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question. I am simply touching base. Let me know. Thanks!

Related Consumer Protection Law Questions