Q: Is there anything I can do?
Please help me understand what steps I need to take.
I pulled out a auto loan through wells fargo with my sister and had to sign a notarized agreement between us. I paid every month of payments directly to her account which I have statements of every deposit made to her account After that it was her responsibility to confirm my payments to go directly to auto loaner. Vehicle got repossessed due to non payments. Which are obviously not my fault since I was paying on my behalf. I do not wish for my money back from my sister nor the vehicle. Is there anything I can do credit wise? Or what are my choices?
A: I have bad news... If you are listed on the loan/lease agreement your sister and you are jointly and separately liable for the payment of the loan. That is, you were both obligated to pay 100% of the loan whether the other party did or did not pay. As a result a default and repo will impact both of your respective credit ratings. You can used the signed agreement as a basis to seek repayment for any amount you paid in excess of the agreed upon percentage from your sister, but the division will likely have no impact on the loan agreement and subsequent default. If you were not listed on the loan agreement, there should be no impact on your credit rating.
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