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He got the car, I got the bad credit


workingitout2010
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I cosigned a loan (I know). The signer of the loan never made a payment, I took possession of the car and made the 675.00 a month payments for 18 month. When I missed a payment, the bank (behind my back) called the signer and offered him the car. It was an upside down loan, but the bank repoed the car to give to him the signer. Good ridance I say, finally he would pay for his own car. But in my BK13 it shows me as having adverse credit toward the car loan. I am cleaning up old CR issues (with a ton of success) and I need to know the status of the loan. Meanwhile it shows up on my CR as included in my bankruptcy. It was not.

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I cosigned a loan (I know). The signer of the loan never made a payment, I took possession of the car and made the 675.00 a month payments for 18 month. When I missed a payment, the bank (behind my back) called the signer and offered him the car. It was an upside down loan, but the bank repoed the car to give to him the signer. Good ridance I say, finally he would pay for his own car. But in my BK13 it shows me as having adverse credit toward the car loan. I am cleaning up old CR issues (with a ton of success) and I need to know the status of the loan. Meanwhile it shows up on my CR as included in my bankruptcy. It was not.

What do you mean it was not included in your BK? ALL assets and liabilities are included in your BK. It may or may not have been included in your Ch 13 payment, but the disposition of the asset is included in your BK.

Look up your case in your Ch 13, are you still in the 13? Have you been discharged yet? What does the petition show you are going to do with the vehicle? If you are still in the 13 you can 'surrender' the vehicle, it is just a change of paperwork since you do not physically have the asset anymore. If you are discharged, what does your paperwork show concerning the vehicle.

To me it sounds like the CRA is not reporting your tradeline correctly. But without the questions above being answered it is hard to tell.

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