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Thread: Financial Question Regarding Co-signers

  1. #1
    year of the black rainbow obnoxiousmodesty's Avatar
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    Default Financial Question Regarding Co-signers

    Hopefully our local financial experts can answer a question for me. I'll try to keep it short. My parents co-signed my current auto loan three years ago, and I haven't missed a payment. My sister also did this and has kept up her payments as well. My brother, on the other hand, has apparently fell far behind on a loan my parents co-signed with him, and now my parents are undergoing the expected legalities and credit woe.

    My question is as follows: since my parents have had a hit against their credit, can this in any way impact my sister's or my credit in return since they are legally contracted on loans with each of us?

    I've dug around on the web but haven't found an answer. Many thanks to anyone willing to help out.
    Last edited by obnoxiousmodesty; 02-25-2009 at 07:35 PM.
    Take me out to the black, tell 'em I ain't coming back. Burn the land and boil the sea, you can't take the sky from me.

  2. #2
    teY dennaB toN
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    Default Re: Financial Question Regarding Co-signers

    Short answer - no.

  3. #3
    Jimmy did what Jimmy did Bball's Avatar
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    Default Re: Financial Question Regarding Co-signers

    It should not....
    Nuntius was right. I was wrong. Frank Vogel has retained his job.

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    "A player who makes a team great is more valuable than a great player. Losing yourself in the group, for the good of the group, that’s teamwork."

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    Denim Chicken duke dynamite's Avatar
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    Default Re: Financial Question Regarding Co-signers

    No. It only goes against the name(s) that the loan is for. So just your brother and your parents.

    I'm currently on my auto loan and the primary co-signer on Ms. Dukie's auto loan. In this situation since she is keeping up on her payments, my credit score goes up!

  5. #5
    Administrator/ The Real Jay ChicagoJ's Avatar
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    Default Re: Financial Question Regarding Co-signers

    You should be fine. But you may want to smack around your brother for messing up a good thing.
    Why do the things that we treasure most, slip away in time
    Till to the music we grow deaf, to God's beauty blind
    Why do the things that connect us slowly pull us apart?
    Till we fall away in our own darkness, a stranger to our own hearts
    And life itself, rushing over me
    Life itself, the wind in black elms,
    Life itself in your heart and in your eyes, I can't make it without you


  6. #6
    Cheeseburger in Paradise Los Angeles's Avatar
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    Default Re: Financial Question Regarding Co-signers

    Quote Originally Posted by ChicagoJ View Post
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    You should be fine. But you may want to smack around your brother for messing up a good thing.
    I'll get his arms, you get his legs.
    “Success is not final, failure is not fatal: it is the courage to continue that counts.” - Winston Churchill

    “If you can't be a good example, then you'll just have to serve as a horrible warning.” - Catherine Aird

  7. #7
    Jimmy did what Jimmy did Bball's Avatar
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    Default Re: Financial Question Regarding Co-signers

    There's a bailout joke here somewhere... Might need to go over to UNPD to actually use it though

    -Bball
    Nuntius was right. I was wrong. Frank Vogel has retained his job.

    ------

    "A player who makes a team great is more valuable than a great player. Losing yourself in the group, for the good of the group, that’s teamwork."

    -John Wooden

  8. #8
    year of the black rainbow obnoxiousmodesty's Avatar
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    Default Re: Financial Question Regarding Co-signers

    Thanks everyone, I certainly appreciated the help. Also, I'm going to take you all up on those offers to hold him down while I beat him.
    Take me out to the black, tell 'em I ain't coming back. Burn the land and boil the sea, you can't take the sky from me.

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