Can I let them repossess this car and get a loan on another? 7 Answers as of August 29, 2017

My bankruptcy was discharged over a year ago. My car was part of the bankruptcy but I never signed a reaffirmation agreement. My brother is on the loan with me. I have continued to make the payments. However, I have gotten a new job that requires more travel. My car has over 100,000 miles on it. I am now upside down in the loan. I would like to get a newer used car with less miles. My credit score is already in the 700s again. It is too expensive to roll the remainder of this loan into another one. If I do, will it show on my brother's credit report?

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Absolutely it will show up on your brother's credit report, he guaranteed the loan. New cars can over 100,000 miles if you maintain them.
Answer Applies to: California
Replied: 8/29/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
You are certainly welcome to return the car and owe nothing, but if your brother cosigned the loan, he can get sued for any deficiency. If you can get financing to purchase another vehicle and decide doing this is in your best interests, you are welcome to do so.
Answer Applies to: Nevada
Replied: 8/28/2017
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
If your brother was a co-signer, and the lender lost anything on the deal, then the fact would likely appear on your brother's credit report. With a score in the 700's and a decent salary, you should be able to get a loan to purchase a replacement.
Answer Applies to: Wisconsin
Replied: 8/28/2017
OlsenDaines | Rex Daines
Yes, if you give the car back they will auction it off and then sue your brother for the deficiency. The only exception to this is if your brother files a bankruptcy.
Answer Applies to: Oregon
Replied: 8/28/2017
GARCIA & GONZALES, P.C. | Richard N. Gonzales
You can walk away from the loan, but your brother can not (if they decide to go after him).
Answer Applies to: Colorado
Replied: 8/28/2017
    Ronald K. Nims LLC | Ronald K. Nims
    NEVER "ROLL" A BALANCE FROM AN OLD LOAN INTO A NEW LOAN, other than sending money to a Nigerian prince to unlock your inheritance, it's the second stupidest thing you can do with your money. If you start blowing up your credit with huge new loans, you'll be in bankruptcy again in a few years. You have two choices, saddle your brother with the loan by surrendering the car (don't be too surprised if Thanksgiving dinners are sort of awkward - that happens when you screw your relatives) or soldier on making the payments until the car is paid off.
    Answer Applies to: Ohio
    Replied: 8/28/2017
    Law Office of Kimberly Fives | Kimberly Fives
    Yes, it will affect your brother. It is also unlikely you will be able to obtain an auto loan with a recent repossession.
    Answer Applies to: California
    Replied: 8/28/2017
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