Michael Petruccelli
says; You’re risking your
credit rating.
Your credit
rating will tank if your friend or family member’s car is repossessed or they
make late payments. Repossession appears on your credit report for seven years,
starting from the first missed payment, Experian explains. If the lender sends
the account to collections – and they will – the collection will also show on
your credit report for seven years.