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I am going through a divorce. I have a trailblazer with 22.25% interest rate because I tried to help my husband improve his credit by adding him as a co-signer. I would have had a higher interest rate but not that high on my own. I am now unemployed, divorcing on too many grounds to list, and a single mother of 2 young children.
I have chosen to stay with family and go to school fulltime considering the current state of the job market and economy. I get alimony, child support, and financial aid. My monthly income adds up to 2000 a month. I am paying attorney fees too. They are not too bad though.
I have 48k in debt but none of it is credit cards. I have 2 repossessed vehicles that I was foolish enough to co-sign on from 5 years ago. Since then I have had auto loans that have been paid on time. My attorney is telling me to turn in the trailblazer in conjunction with the divorce and have the deficiency split between my husband and myself.
My mother is willing to buy it from me for book value. My husband refuses to have his name remaining on the loan. He says I have to repo it or refinance it. If it goes to auction it will be sold for around 6k if it is sold to my mom it will go for 10-11k. 18500 is owed. I know if it is repoed then it affects my credit for the next 7 years and as a single mom I really need my credit. I can’t find a bank to refinance the 7500 on the car because I am not employed. I have a 564 credit score according to equifax.
JS”I Added My Husband as a Cosigner on My Truck Loan to Improve His Credit But Now I Can't Make My Payments. - JS by Steve Rhode