Long story short, I helped him buy a used car 4 years ago on a 56m loan for $7700 @ $163/m payments. He made the payments on time religiously for 4 years and 4 months, even paying a little extra most months.
Then we had a falling out 2 months ago over nothing, but he refuses to talk to me and decided to say fuck it and stopped making the payments on the loan. He doesn't answer his phone when I call of text and after he moved out of my house he never gave me his updated address so I have no idea where he lives.
So naturally the bank calls me letting me know it's 2 months over due. I paid it up to date on the spot. There is $1600 left on the loan which I'm going to pay off fairly quickly should he still continue to not answer my communication attempts to reach him over this.
He was 2 months behind on the loan and I asked if this would be reported as 2 months late on my credit report and they said yes it would have one hit of 30-60 days late.
Is there anyway I can get that reduced or am I screwed on that? I would've paid the damn loan payments on time had I known he would just stop paying on it.
Kind of feel likes it's a bit unfair that I'm getting hit with a late payment alert on my credit report when they didn't even try and contact me until yesterday about it.
Any advice?
Edit: people seem to think I'm trying to get out of paying the loan. That's not the case, I understand the responsibility that I'm required to pay for it if my brother doesn't make the payments. I was asking if there was anyway to avoid this negatively affecting my credit history.
Submitted November 02, 2017 at 08:42AM by Strid3r21 http://ift.tt/2hzkijH
