I need some advise for my father. He co-signed on an auto loan for my brother about a year ago. My brother was still living at home, but he has been gone and nowhere to be found for the last week. My brother is about 3 months delinquent on his auto loan which my dad who has impeccable credit co-signed on. My dad has cosigned on student loans also for my brother that he is in default on too. My dad has tried getting money out of him with no luch whatsoever. I honestly think that is why he is MIA because he does not want to face his financial problems. I just don't know if he understands just how much he is hurting my dad's credit. I am most concerned about that car loan though, I don't want to see the car get reposessed and my dad having that on his credit. What can my dad do to get out of this awful situation? Any advise would be greatly appreciated. Thanks!
Your Dad needs to get the note current and keep it current and, sell the car ASAP. Never ever cosign unless you can assume the note on a moments notice because often, a moment is all you'll get.
