Two years ago my brother cosigned a vehicle with my mom, which tremendously helped her out at the time. However, now she can’t keep up the payments of $500 a month (it was an upside down loan).
Here’s where I come in. I love my mom and want her to be able to retire this summer. This car is the last debt she has that is holding her back. I recently outright bought a new reliable car for her in my name. Her name is nowhere on it.
The problem is this: her turning in the car would hurt my brother’s CC score. The thing is though, he could literally take over the payments of the vehicle for no problem. He has the money and he knows it. He’s just not willing to pay for it.
I’ve done some looking around and I know voluntarily surrendering is “better” (slightly I suppose) than repossession. My brother won’t be purchasing or asking for any significant loans for the next year. He’s also over in Taiwan, where credit score doesn’t matter (only in the US do we harp on it so much).
So now, title! How bad would this hurt? Would it drop to 500? Would it prevent him from doing anything?
Submitted July 08, 2017 at 09:29AM by AwkwardStyle http://ift.tt/2sYd7Ev
