If you default on a camper loan, how many points does it effect your credit score?
Before you all pass judgement... My father-in-law is going through a divorce and he cosigned a camper loan with his wife three years ago. It is a 12 year loan, and she is refusing to make payments on it hoping to ruin his credit (even though she is the primary). He has been making the payments, but is ready to let it go. So, if he were to stop paying it, is there a website that we can go to in order to find out exactly how many points it will lower his credit score?
Public Comments
- Most likely this will show as a repossession and it will hurt his score the same, you can look for his score to drop anywhere from 100 to 150 points depending on what makes up his score. This is one of the worst things that can show on a persons credit without a bankruptcy to explain it.
- It's hard to say how many points, but the camper loan will probably be treated just like a repo'd car. They pick up the camper, sell it at auction, then come back for the balance plus all those extra fees. Basically, his score will take a big hit and he'll still be on the hook.
