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I JUST GOT MY CAR REPO . 1ST QUESTION IS : I JUST GOT MARRIED WILL THIS EFFECT Y WIFE CREDIT Albany ANY WAY CAR LOAN IS NOT Albany HER NAME. 2ND QUESTION : THE LOAN IS Albany SIGNER BY A FAMILY MEMBER I KNOW REPO WILL BE POSTED ON THERE CREDIT BUT THIS PERSON HAS REALLY GOOD CREDIT HOW BAD WILL IT LOOK FOR THEM . HE HAS LIKE 2 -3 CAR LOAN AND A HOME MORTAGE. I KNOW MINE WILL LOOK REALY BAD.
Auto finance is what I do for a living and since the vehicle was purchased before you got married and she did not sign any paperwork her credit will not be affected. As far as your co-signer goes they can look for a drop of anywhere from 100-150 points as soon as the repossession hits their credit and depending on how much is owed after the vehicle is auctioned off your lender can sue both you and your co-signer for all damages including towing , storage, reconditioning, auction fees, interest, lawyers and anything else they can think off which can amount to several thousand dollars. Both you and your co-signer can and most likely will be sued in court and have a judgment issued against you which can mean attachment of bank accounts, garnishment of wages and filing of liens on any other real property you both may own like cars, boats, land and homes. All of this will show on both your credit reports for the next 7-years making it very hard to be approved for any other types of loans without making massive down payments, paying huge fees and State maximum interest rates. This could very well trip the universal default clause in your co-signers credit card and home mortgage terms and conditions which will mean their interest rates and minimum payments will skyrocket.
Your wife isn't responsible for the loan. They will sell the car at auction for next to nothing and likely sue you for any difference between the selling price and the loan balance. With a judgment against you they will be free to pursue garnishments, liens, checking accounts... Any assets with your name on them(even if they are joint accounts). The family member that co signed likely have poor credit right now. This will be extremely devastating to their credit because they guaranteed the loan for you. The only hope they have is to make the loan current. They will also be subject of any judgments due to the repo. I read this article yesterday. gives an idea of how many points typical mistakes cost. The higher your score in the beginning, the bigger the impact a mistake has. It doesn't have a repo listed but by them cosigning, it will show up as a repo on their report as well.
It will really screw up your and the co-signers credit reports. It will not have any effect on your wifes credit report. Also you have probably ruined your relationship with the co-signer. You broke his trust in your by not paying. Additionally its possible their other loans could have an a substantial rate increase and may even have credit cards canceled. This could also happen to you. It's called universal default. They assume since you didn't pay one bill, you won't pay others. Also the company that repo'd the car will sell the car at auction, most likely for less than you owe. You (or your co-singer) will be responsible for the difference.
You pretty much screwed the person who is the co-signers credit. They will probably be very pissed at you since it takes a long time to build nice credit. Since you obviously have no money.. the bank will now go after the co-signer for the money... since they helped secure the loan. They will be double pissed and if you dont start paying up NOW you will just get sued. This all will not effect your wifes credit. My husband had TERIRBLE credit.. and mine was good.. i was able to get a loan soley in MY name.
I started dating my husband when I was 14 and he had a car that got repoed a year or so after we were dating. Then when we got married I noticed the repo was on my credit report, I fought for a long time to get it removed and it finally was. So, it may show up on her credit report. It won't be too bad for the co-signer, it will mainly look bad on your credit.