How soon can you get another car loan after a voluntary repossession?

You're a right: a repo is a repo...even if she voluntarily turned the car in herself. Any sort of financing from a traditional car lot would be under horrible terms. Most likely, she'd have to deal with one of those awful "Buy Here, Pay Her" lots that charge big amounts for old, high mileage cars. - If her FICO score is in the low 500s right now, then it is 100% impossible for her score to be in the 600s by this summer. It does not take long to ruin your credit, but it takes a long time to rebuild your credit having a train wreck like this that includes multiple credit card charge offs and a repo. She is going to have really bad credit for at least 2 years and there is not much you can do in this interim time period....other than not having any more late pays/defaults. - Consider getting a secured credit card and use that to rebuild a history of paying on time. http://credit.about.com/od/creditcardbasics/a/proconsecured.htm --------------------------------- Never co-sign any sort of car loan for a person that you are dating and not married to.

Uh, if she is thinking that she should still be able to go spend money without regard to the issues she is having just because YOU spend money (your words) this little girl hasn't learned her lesson about her finances. Also, it is NOT her father's onus to help her pay this 13k off just because he *encouraged* her to buy this car. Actually, you don't even KNOW that he was behind this car purchase, you probably were not around, and probably not at the dealer when she got into this mess and signed on the dotted line. If you were, being the *smart financial guy you are* you would have taken her aside and told her what a bad deal she was getting into. The problem I see with your g/f is that she hasn't changed her mindset when it comes to finances. So, anything she does is not going to fix her credit because she will just go screw it back up again if given the chance. Sounds like she hired some debt settlement company which took her money and told her to stop paying her credit cards. Now those cards are charged off which is going to remain for the next 7.5 years, and most likely even though it's only $2500, she is going to be SUED by those creditors in the next 2 years and LOSE. She will end up owing a lot more than $2500 when all is said and done. Add to that this 13k snafu, and she IS a candidate for bankruptcy. Just because YOU were able to make it out of debt doesn't mean she can. You say yourself that she doesn't make enough to save 2k a year to put towards this debt. That to me says this girl is BROKE. Period. Probably doesn't *act* like she is, and is still living in a fantasy that she isn't but, she is! If this debt including the car is more than what she makes annually, she is technically bankrupt. She should seek the advice of a bankruptcy attorney because the chances that she is going to be sued by both the credit card companies and this car loan are HIGH. She will lose and have a judgment for 10 years and it can be renewed another 10. They will also garnish wages and levy bank accounts. You should already know this. LOL I know you like this girl and all, but, she is not going to be a good risk as a long term g/f or even wife until she grows up and takes responsibility for her actions and debts. You better watch your pocketbook..she may come after it next! LOL I would tell her to go see an atty. Also, she isn't going to be buying a car for YEARS on credit. And, short of you paying off all of her bad debt and getting her a secured credit card and using that for 12 mos or more wisely, she is NOT going to get financing for a toothbrush. That is the reality of finances in today's economy.