Monday, October 26, 2009

Is there away to get out of being a cosigner on a car loan?

I co-sign for a car for an ex-girlfriend. She is making the payments, but late. I have to call her every month to make the payment. Is there a way to get my name off the loan.



Is there away to get out of being a cosigner on a car loan?

The reason your ex-girlfriend needed a cosigner was because she doesn't pay her bills on time, right? Do you not agree?



Therefore, if you were the bank that loaned the money to your girlfriend, would you let yourself off the hook of having to pay the loan off if she doesn't? The bank will never let you off the hook because two people responsible for repayment of a loan is always better than one.



How much would you be willing to pay to get out of the deal? If you were to buy the car from her (maybe make her a deal she can't refuse) and pay the car loan off in the process, the loan would be gone and you would be off the hook. Then after you buy the car from her, resell it to someone else.



It may cost you more money than you would like to pay for the car, but you might consider paying it anyway and chalk it up to a lesson in life - don't cosign for anyone with a bad credit record. There is a good reason for credit reports. The best predictor of future behavior is past behavior.



By the way, you might talk to a lawyer and find out what your rights are as a cosignor if she is late on the loan payments a certain amount of time or number of times. Do you have the right to take over possession of the car at a certain point? If she didn't make the payments and the car company repossessed the car, would you, at that point, be able to purchase the car back (take over the loan payments) and have the car put in your name so you can then resell it to someone else? I would check these possibilities out. The only thing is, waiting for them to repossess it would probably hurt your credit rating in addition to hers. In fact, I suspect that she's already hurting your credit rating every time she's late on her payments. You might check that out too.



Is there away to get out of being a cosigner on a car loan?

Swapping cars is not exactly the same as what I suggested. In your idea, it seems like you'd be giving her a gift of your car, which is paid for, and accepting a car for yourself that is not paid for. This sounds like a bad deal for you and a super good one for her. Report It



Is there away to get out of being a cosigner on a car loan?

This is unless there's a wrinkle in this calculation that you didn't mention of that I'm not aware of.



At any rate, the best of luck to you. I hope you can figure a way out of this mess with the least amount of damage to your wallet. Report It



Is there away to get out of being a cosigner on a car loan?

*Special Note* I just talked with my son who has been a car salesman for several years and is now a sales manager. He said that when you cosign for a loan, the payments on that loan, good or bad, directly affect your credit record as well as the person paying the loan. Report It



Is there away to get out of being a cosigner on a car loan?

I still suggest you talk to a lawyer as I previously suggested to find out your options before trying to deal with your ex-girlfriend. You will be in a much better bargaining position if you know where you stand legally and all your options. Report It



Is there away to get out of being a cosigner on a car loan?

why dont you call the financer and ask them if there is a way. they would know best



Is there away to get out of being a cosigner on a car loan?

Most likely the bank will require the loan to be paid off or re-financed to get your name off the loan.



Check your credit reports to see what's happening.



www.annualcreditreport.com



Is there away to get out of being a cosigner on a car loan?

No



Is there away to get out of being a cosigner on a car loan?

Ouch! I gotta research this, but I am gonna bet that you are stuck with the loan.



But I wonder....you share the loan so don't you share the property too? Wonder if you can repo the car yourself, sell it and pay off the remainder of the loan.

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