who cares, do it anyways, take a hit on the money.

Would you rather do that and down the road buy a new/used car at 4.9% APR or less, or a house at the lowest rate with out being hit with major points fees or better yet, being able to get a home loan since FHA is getting really tough on buyers. I almost forgot, insurance rates are played of your credit history also...

or

getting a new credit card with a 15-20% rate
or car loan at 8-15%
or not getting a house.

You might want to talk to a loan adviser but if your name is on that title and that car goes back to the bank, you're going to be F-ed.

My GF cosigned for a car a few years back, she JUST found out this year the person had made 30 + late payments. She asked me what to do about it, I told her to pay the car off ASAP! she paid close to 7K out of her pocket more then half the price of that car when it was new 3 years ago. We can't get a hold of the owner or get the car back we're still trying to repo it so we can sell it and get her money back.

She knew it might go this way and that she might never see her money again.

However, 7K hell even 10K or 15K is very little money to pay to have a credit score of 720+ VS 500 or less...

 

I recommend that you do not buy another vehicle until the one that you have is paid for.

 

if you refinance the car, there wont be a problem