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How bad will my credit be affected if a leased car I co signed on is returned?
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<blockquote data-quote="atarigirl21" data-source="post: 1584342" data-attributes="member: 517179"><p>I know it's my fault and am just looking for options. My ex boss had me co sign on a brand new bmw he leased because he said that the car would be thousands under his insurance. Not only did he have a car accident and is now suing my insurance for fake medical, he has no $ and says he is sorry and has stopped paying for the vehicle. He has asked me to turn it in. I can not afford the $1450 monthly payment and also don't want to affect my credit. I have a 780 credit score and for 8 years have been working really hard to pay all my bills on time and my credit cards. I was going to buy my 1st home. Is it true that if I turn this car in I won't be able to buy a house for 7 years. Please help???!!!! Thanks!!!</p></blockquote><p></p>
[QUOTE="atarigirl21, post: 1584342, member: 517179"] I know it's my fault and am just looking for options. My ex boss had me co sign on a brand new bmw he leased because he said that the car would be thousands under his insurance. Not only did he have a car accident and is now suing my insurance for fake medical, he has no $ and says he is sorry and has stopped paying for the vehicle. He has asked me to turn it in. I can not afford the $1450 monthly payment and also don't want to affect my credit. I have a 780 credit score and for 8 years have been working really hard to pay all my bills on time and my credit cards. I was going to buy my 1st home. Is it true that if I turn this car in I won't be able to buy a house for 7 years. Please help???!!!! Thanks!!! [/QUOTE]
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