question about credit cards and auto repo

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question about credit cards and auto repo

Postby starhawk18 » Sun Jun 01, 2014 2:15 pm

I cosigned two auto loans for two family members and based on their shaky financial situations, one or maybe both may default within the next three years and cars repoed.

I have credit cards with BOA, Chase, Citi, and GE Retail Capital Bank that I'm in good standing with and that I would like to keep. If and when my credit scores & record is destroyed by one or both car repos, will my credit card lenders close my credit card accounts?

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Postby Robrus1 » Mon Jun 02, 2014 7:49 am

As long as they are being paid, probably not, but each lender is different and it's hard to say how they will react. They might get scared if you have high balances at that time, also they could lower some of your credit limits if they get scared enough, but most likely as long as you keep in good standing with them and aren't just making minimum payments, you'll most likely be ok.
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