In 1999 when I had perfect credit, I cosigned a car loan for my best friend who didn't have credit i.e. paid cash for everything. Both of our names appear on the car registration, but the loan does not appear on my credit reports. Now I'm wondering if I can have the loan company start reporting info to my credit report. I filed for bk in 11/01 and I'm just waiting for my discharge. I had hoped to reaffirm my car loan so I could use it to rebuild my credit, but the judge denied the motion. Now I'm making car payments that won't help my credit. My friend has a perfect paying record, has 30 months left on the loan and is willing to sell the car to me and let me assume the loan. I would make the payments to the loan company and pay her $2000 down (last of my savings and a loan from my profit sharing) and $3000 over the next 30 months. The payments on the car loan and to my friend would be the same as I'm making on my current car loan. My friend thought this would be a win-win situation since I could rebuild my credit and get a good car (Toyota Echo) and she could get an SUV (she's looking at the Explorer or the Chevy Trailblazer since they both have good rebates right now) and have two car loans reported on her credit report. Thanks in advance! Cynthia
Well I was a cosigner and payments wre posted on my CR. I think it might be strange that they wouldn't be now.. but if she transfers it to you officially, then it should happen for sure. You should contacvt the creditor and inquire and have them place the payment history on your report.. especially since you cosigned.
