My sister is a co-leasor on a car loan and the other person is filing a Chapter 13 bankruptcy. Toyota Financial is telling her that she can keep the car and continue to pay, but it is going to show on her credit as being included in the bankruptcy. How will this effect her credit scores? Should she refinance the car, and if she does will the "included in bankruptcy" ding harm her in any way?
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I would think that since she is a co-leasor and the BK will show on her credit report, her score will drop just as if she had filed BK herselfFiled Ch 7 - 07/10/08
341 Meeting - 08/13/08
DISCHARGED! - 10/15/08
CLOSED - 10/20/08 -
I am confused. Is this a lease, or actual purchase? Who actually has physical custody of the car, your sister or the co-signer filing 13? Which party needed the co-signer? Who is responsible for making the payments?
Something similar happened to us, that's why I'm asking."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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