Several years ago my grandmother was nice enough to co-sign a loan for me a new car. Five years later I'm only 3-4 months away from paying it off, and I've had a couple late payments, but nothing over 30 days.
Last October she was asked me to do the same for her. I was reluctant because I was trying to get out of debt for myself and because she's old. Well I decided to co-sign the loan and then my grandfather passed away. Now she couldn't afford the payments so my father decided to unofficially take them over.
I got a call from the Finance company today that said it was 90 past due and if something wasn't settled soon they were going to repo the car. Well I asked why they call me and not my grandmother since she was the original borrower. The finance company said I was the original borrow because sometimes the dealership will swith co-signor to original in order to get the best rate. Well now I'm screwed. Can they do this and what should I do to help. I sure can't afford to take on these payments every month. Is there anything I can do to keep my credit rating from dropping below what it already is?