 TITLE: How Cosigners Are Affected When a Car Is Repossessed CONTENT: How Can Repossession Affect Your Credit as a Cosigner?\n------------------------------------------------------\nAs a cosigner, you are just as responsible for the loan as the main borrower. Cosigned debt shows up on your credit reports, and late payments or defaults can have serious ramifications for your credit scores.\nThat means your credit is equally liable to damage from a repossession, too. When a car is repossessed, it'll leave a black mark on both the borrower's and cosigner's credit reports for seven years.\nNot only that, the events leading up to repossession will also have an impact. Each will generally appear as its own line item on a credit report and have its own timeline for removal. Here are some of the other negative marks that may show up on your credit reports before and after a car is repossessed:\n*   Late payments\n*   Loan default\n*   Loan sent to collections\n*   Court judgments\nGiven that payment history accounts for 35% of your FICO® Scores☉ , a car repossession, and the negative marks leading up to it, will likely cause your credit scores to drop significantly—even if you're a cosigner. END