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Lates, eventual repo, cosigner

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I'm asking for a friend (LOL no, seriously):

 

They got a car loan in May:

  • they've made no payments
  • their credit report, as of Monday, shows 60 days late
  • the car was repossessed on Saturday
  • the loan was subprime
  • they need a reliable vehicle
  • despite the "ugh" of them pursuing a newer car after making no payments, they have someone who would be willing to cosign, so that they can:
    • rebuild a positive auto history
    • and, start fresh in a reasonable loan

What are the chances of them being able to be on the loan with the cosigner, so that the last mentioned points can happen?

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I'm asking for a friend (LOL no, seriously):
 
They got a car loan in May:
  • they've made no payments
  • their credit report, as of Monday, shows 60 days late
  • the car was repossessed on Saturday
  • the loan was subprime
  • they need a reliable vehicle
  • despite the "ugh" of them pursuing a newer car after making no payments, they have someone who would be willing to cosign, so that they can:
    • rebuild a positive auto history
    • and, start fresh in a reasonable loan
What are the chances of them being able to be on the loan with the cosigner, so that the last mentioned points can happen?
I'm not here to pass judgment, but it sounds like they have more serious problems than getting a car loan. Did they lose their job or experience some sort of disruption of their income?

The answer is yes they can get approved if they have a cosigner. However, I would never recommend someone cosign a loan for that person without understanding why they didn't or couldn't pay their previous loan. Also, I don't believe in consigning anymore. I tell people who want to cosign for others to just buy the person the car and have them pay the monthly to the person (no cosigner) on the loan. This way the proposed cosigner doesn't have to worry about none payment affecting their credit and they can take the car back at anytime.

I hope this helps. Good luck

Sent from my SM-N950U using Tapatalk

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Thank you for your help! Yes, there are extenuating circumstances to this situation.

 

Do you think approval for a lease is possible under the same facts? A 2 year lease is what's being considered, so that the cosigner is only attached for 2 years guaranteed, as opposed to going into a 5 year loan with the "intentions" of my friend refinancing.

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IIRC leases are harder to be approved for... also, if you';re friends with the co-signer you should warn them and suggest then never cosign.

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on a leased vehicle, one is responsible for the " condition" of the auto when the lease is ended. 

 

and the cosigner is responsible also - 

 

What if the Auto is trashed ? 

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Some people's lives are one "extenuating circumstance" to the next.

 

Like Nyquill said, the cosigner is going to end up buying them a car and paying for it himself.  If he's OK with that, just do it that way.  Otherwise, stay away.

Edited by mk_378

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13 hours ago, hegemony said:

IIRC leases are harder to be approved for... also, if you';re friends with the co-signer you should warn them and suggest then never cosign.

+Infinity

 

I won't even co-sign a car loan for 8-Ball. As suggested by others - buy it myself and have 8-Ball pay me payments for the car. Miss a payment and I take the car back.

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15 hours ago, It's On said:

I'm asking for a friend (LOL no, seriously):

 

They got a car loan in May:

  • they've made no payments
  • their credit report, as of Monday, shows 60 days late
  • the car was repossessed on Saturday
  • the loan was subprime
  • they need a reliable vehicle
  • despite the "ugh" of them pursuing a newer car after making no payments, they have someone who would be willing to cosign, so that they can:
    • rebuild a positive auto history
    • and, start fresh in a reasonable loan

What are the chances of them being able to be on the loan with the cosigner, so that the last mentioned points can happen?

None actually,  the repo past due  is going to show up on their Dredit report ,  and they are going to be sued for the deficiency balance due 

 

tell them they should look up thier home states  UCC Title 9 secured transactions laws 

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On 9/7/2018 at 5:19 PM, It's On said:

I'm asking for a friend (LOL no, seriously):

 

They got a car loan in May:

  • they've made no payments
  • their credit report, as of Monday, shows 60 days late
  • the car was repossessed on Saturday
  • the loan was subprime
  • they need a reliable vehicle
  • despite the "ugh" of them pursuing a newer car after making no payments, they have someone who would be willing to cosign, so that they can:
    • rebuild a positive auto history
    • and, start fresh in a reasonable loan

What are the chances of them being able to be on the loan with the cosigner, so that the last mentioned points can happen?

Is the OP assuming the approval on the value of an appropriately quallified co-applicant?

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There were extenuating circumstances as recently as last Saturday and now everything is okay?  :lol: 

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