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

Customer Question
I cosigned for a car...
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: 2 years ago.Category: Consumer Protection Law
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Answered in 3 minutes by:
11/3/2015
Consumer Protection Lawyer: Ely, Counselor at Law replied 2 years ago
Ely
Ely, Counselor at Law
Category: Consumer Protection Law
Satisfied Customers: 102,687
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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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.

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Consumer Protection Lawyer: Ely, Counselor at Law replied 2 years 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!

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Ely
Ely
Ely, Counselor at Law
Category: Consumer Protection Law
Satisfied Customers: 102,687
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Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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