My husband co-signed a car loan for my brother 2 years ago. My brother worked for my husband, until recently when my husband was forced to fire my brother, as he stopped showing up for work.
My brother stopped paying his car payments. As the co-signer, my husband started receiving calls from the car credit company. We have now paid 3 monthly payments so that our credit will not be damaged. My brother has let the insurance and registration go on this car as well. For now the car is parked in a garage and is not being driven. The car has an outstanding balance of $10K.
I have 3 specific questions:
Is there anyway for us to get off this loan?
Is it possible for us to sell the car and pay off the loan?
Is it possible for my brother to use the car as a trade in for something else (of which we would OF COURSE not co-sign on!) so that we can be out of this situation entirely?
2007-01-05
08:51:51
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4 answers
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asked by
Anonymous
in
Credit