I know it's my fault and am just looking for options. My ex boss had me co sign on a brand new bmw he leased because he said that the car would be thousands under his insurance. Not only did he have a car accident and is now suing my insurance for fake medical, he has no $ and says he is sorry and has stopped paying for the vehicle. He has asked me to turn it in. I can not afford the 50 monthly payment and also don't want to affect my credit. I have a 780 credit score and for 8 years have been working really hard to pay all my bills on time and my credit cards. I was going to buy my 1st home. Is it true that if I turn this car in I won't be able to buy a house for 7 years. Please help???!!!! Thanks!!!