Hi, I have a friend that purchased a 4 wheeler for her boyfriend and he could not get the loan cause he had poor credit and she needed a co signer cause she didn't have enough credit... so the bf's friend co signed for my friend... well couple split up and the boyfriend and refusing to take the 4wheeler and make the payments so she is stuck with it. It was repoed a while back and now they are trying to settle... if she does not pay and the co signer doesn't pay... what could or will happen? The remaining balance is around 6 grand.

A co-signer guarantees a loan. They are just as responsible for the loan as the borrower. They can be sued just like the borrower. If they have more money the creditor might even go after them first.

A co-signer guarantees a loan. They are just as responsible for the loan as the borrower. They can be sued just like the borrower. If they have more money the creditor might even go after them first.


I understand that... thanks... So... will they sue for 6 grand though? Or what could happen... will it hurt their credit?

If they don't pay it will go on their credit. If they are sued it will on their credit. Yes they can go after the co-signer for the full balance owed.

If they don't pay it will go on their credit. If they are sued it will on their credit. Yes they can go after the co-signer for the full balance owed.

So... if its unpaid... it will hurt both? Do you know how bad... anything dramatic...

Of course it will hurt both, it already will have. A default and repo is nothing to fool around with.

Of course it will hurt both, it already will have. A default and repo is nothing to fool around with.

It's a 4 wheeler reposession not a mortgage of 100 grand... I just don't see it doing that much damage... things are repoed everyday!!

You really don't understand much about credit scores do you? A loan default no matter how much, will have a significant affect on your credit.

Yes if you have a default, with a repo on your record,

Hi, I have a friend that purchased a 4 wheeler for her bf and he could not get the loan cause he had poor credit and she needed a co signer cause she didnt have enough credit... so the bf's friend co signed for my friend... well couple split up and the bf and refusing to take the 4wheeler and make the payments so she is stuck with it. It was repoed a while back and now they are trying to settle... if she does not pay and the co signer doesn't pay... what could or will happen? the remaining balance is around 6 grand.
YES!

Both your friend and the co-signer are responsible for the balance. If your friend doesn't pay then they will go after the co-signer Ultimately both credit records will be blemished and judgements can be obtained against both people.