[cbccadets]

I bought a truck for my son inOctober 1999. They made him co-signer to me. Iwas already paying on my own truck. He took off one day to live with his mother. He was previously giving me the money to make payments. When he left I didn,t have the money to pay for it so I told GMAC out of Texas that I voluntarily reposses the truck. I am giving GMAC $20. a month. I still owe $2,600. I
have 2 questions. 1. I contacted GMAC and said that since he is co-signer to me and he should assume payments. Their answer to me was that I AM THE MAIN MAN! This did not make sense! 2. My second question is this is the only blemish on my perfect credit record. Does repossesion work like bankruptcy where it is erased in 7 years? Or does it remain on my creit report until the truck is paid off? I live in Missouri. Thak You!
Terry

[Mr. Knowitall]

1. I contacted GMAC and said that since he is co-signer to me and he should assume payments. Their answer to me was that I AM THE MAIN MAN! This did not make sense!

Why not? You stated that the loan was in your name, with him as the cosigner.

2. My second question is this is the only blemish on my perfect credit record. Does repossesion work like bankruptcy where it is erased in 7 years? Or does it remain on my creit report until the truck is paid off?

You appear to indicate that the car was repossessed. That would be on your credit report for seven years.

If the loan is still active, presumably GMAC is updating your account on a monthly basis indicating the late, missed, or undersized payments.

Get a free copy of your credit report at annualcreditreport.com. (This is the real "free credit report" site, unlike those which try to trick you into subscribing to a fee-based service - but they will nonetheless try to get you to purchase your credit score. You don't have to purchase your score to get the free credit report.) You will see what entries are on your credit report, and you should also see a date upon which the entries will expire.