I recently had co-signed on an auto loan. The car has been repo'd. What impact does this do to my credit? I also have another car where I am hugely upside-down on the loan. I realize that you are still responsible for the balance of what the loan is and what the bank gets for your car at an auction. However, I'm considering letting the bank repo my car as well. (I already have one mark against me.) Would the second repo be a huge mark against me, or would it be minimal as I already have one?