Car repossession with a co-signer

[snowball]

My car was repossessed last week and in order to get it back I have to pay them $1100. My co-signer had declared bankruptcy about two years ago so his requirments and my requirments are different to get the car back. Neither I nor he had recived any notification about the repossession beforehand. And we were only one payment behind, the other one was in the mail. So basically my questions are: Will his backruptcy be on my record if we are in no other way legally bound to one another, does the finance company have to send notification before taking such actions, and how will the repossession effect my future credit? Oh, I live in Texas.

Thank You

 

[rrg956]

No, his bankruptcy will not appear on your record because it's not your bankruptcy.

I do not know enough about Texas law to answer this question.

A repossion is a pretty good dent on your credit rating. Negative results can range from being turned down for a credit card to having to pay a higher down payment to buy a car or a extra point of interest for a mortgage.

You may be able to lessen the effects of this repossesion by negotiating with the auto dealer, directly or through an attorney, to change their reporting on your credit report from "repossesion" to "paid to terms" or "settled".

THE FOREGOING MAY NOT BE CONSTRUED AS LEGAL REPRESENTATION OR ADVICE.