cosigner on my jeep.

[bigtim6656]

I traded my truck in on a 05 jeep wrangler. My dad cosigned for me. I am right at the line on the exemption for it. WIll having a cosigner and him being on the title help me. I would he would have to be satisfied before they could take it. or does that not matter.
Also i start payments in jan. If i pay every payment till may 1st when i file could the bank want to take it anyway since i filed chapter 7. I will be keeping the jeep and reaffirm the loan.

[Bell30656]

Him being a cosigner won't change the situation between you and the bank but will cause him grief. The Jeep could get repossessed, sold and then he could have to pay the debt even if you declare bankruptcy. You need to keep making every payment all they way through the bankruptcy. Really, through the payoff of the vehicle.

[AngelinaCatHub]

If you plan on reaffirming as you said, nothing changes. Do not stop payments even in the automatic stay. If you lose the Jeep, Dad has the option of paying it and the legal obligation to do so or his credit gets zinged too. A cosigner is just as responsible as the base signor. 'Hub

EDIT: P.S. and yes he would be sued for the deficiency and you would be discharged and off the hook. Dad might not take lightly to this.

[bigtim6656]

My worry ant getting out of the loan it is not losing my jeep. I want to keep it. SO what your saying is if i reaffirm the loan there is nothing the bank can do if i make every payment on time.

If you plan on reaffirming as you said, nothing changes. Do not stop payments even in the automatic stay. If you lose the Jeep, Dad has the option of paying it and the legal obligation to do so or his credit gets zinged too. A cosigner is just as responsible as the base signor. 'Hub

EDIT: P.S. and yes he would be sued for the deficiency and you would be discharged and off the hook. Dad might not take lightly to this.

[DebtEnder]

If you reaffirm then nothing changes at all. You are as on the hook as you were the day you signed the purchase contract. They are also as bound by the terms set forth as well.