Car Repossession

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?

Hmmm, from my understanding a second mark wouldn't do you any good if you already have one.

He isn't asking if a second 'mark' would be GOOD for him--he is asking if it would HURT him.

The difference is appreciable.

You may want to check out this article: Cosigning for a Car Lawyers