repo on a car

[kim0111]

I WAS WONDERING AFTER A PERSON HAS A CAR REPOED HOW LONG DOES IT TAKE FOR YOUR CREDIT TO REBUILD???? cAN YOU SUE FAMILY FOR NONPAYMENT OF A CAR YOU BOUGHT THEM BUT DIDNT HAVE THEM SIGN A PROMISERY NOTE JUST WENT ON GOOD FAITH?????

 

[Duranie]

Sure you can sue them. Did they make any payments on the car in the past? Bring those if they did.

A repo stays on your credit for at least 7 years. They generally cause alot of damaage but that does not mean you will not be able to buy another car. You probably could but the interest rate will be high.

It is never a good idea to buy a car for someone else.

 

[freebird]

This is perhaps the most common story -- cosigning or guaranteeing a loan and the primary defaults. When a friend asks you to do this, you have to ask yourself why they need you in the first place. In a close second comes lease/rental agreements between roomates.