2007-01-10 05:17:07 · 15 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
This is a difficult question. Yes, you can. With that being said, you are unlikely to actually be able to do it. Generally, when you are required to co-sign for a loan, it is because the person wishing to borrow the money has either bad or no credit. Thus, the bank is unsure whether they will actually repay the money. When you cosign, you guarantee that if they don't pay, that you will. Banks do release people from these guarantees, but usually only when the borrower has exhibited that they are a good borrower, repaying on time and building their credit. These releases are generally pretty rare, though, since individuals don't generally ask to be released from car loans unless they have a feeling the borrower isn't going to repay and they will be stuck with the debt themselves. In these cases, the borrower will not be exhibiting behavior that will cause the bank to release the guarantee. So, yes, it is possible, but it will likely be hard. Contact the holder of the loan to see if they would consider it and what would have to occur for them to release you from the guarantee.
2007-01-10 05:23:58 · answer #1 · answered by theeconomicsguy 5 · 0⤊ 0⤋
I made this mistake years ago, co-signing for a Mazda with a girlfriend years ago. We broke up, she took the car, skipped the payments, car was reposessed and I found out years later when I ran my credit report.
My advice? If it's not too late - don't do it, not even for a relative.
If it is too late, try to legally aquire the vehicle (buy it or place a lien). At least this way you will have the car and can legally sell it to help pay the debt.
2007-01-10 13:39:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Nope.
This is why people shouldn't cosign. You're agreeing to step up to financial responsibilities that a lender doesn't feel safe in presuming the applicant can shoulder. If a bank doesn't think the person is a good risk, why should you?
2007-01-10 13:20:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Not unless you can encourage that person to roll their loan into their name only with another bank or lending institution. That is why you have to think twice before co-signing it can get you into all kinds of situations and most of them are unpleasant. Though I have to admit I have cosigned three times for others and it was all good.
2007-01-10 13:22:14 · answer #4 · answered by Tapestry6 7 · 0⤊ 1⤋
Generally no. The lender would have to release you from the loan or the car would have to be refinanced. If neither of these occur you are on the hook until the loan is paid off.
2007-01-10 13:21:20 · answer #5 · answered by tarl_cabot_2k 2 · 0⤊ 0⤋
You can ask the lender to release you from your obligation, but likely as not, they will not. You have to live with your mistake. Please learn a lesson from it. Co-signing is the same as saying you will pay for it yourself, which is usually what happens. Good luck.
2007-01-10 13:22:01 · answer #6 · answered by J.R. 6 · 0⤊ 0⤋
Life's number one rule, NEVER CO-SIGN for anyone
2007-01-10 13:41:55 · answer #7 · answered by DukeofDixie 7 · 0⤊ 0⤋
no. if you signed on as a co-signer, you are equally responsible in the case if the primary signer defaults on the sale and payments
2007-01-10 13:20:35 · answer #8 · answered by JBC 3 · 0⤊ 0⤋
Nope
2007-01-10 13:20:23 · answer #9 · answered by grand96prix 3 · 0⤊ 1⤋
No... that's what signing that agreement means. You are responsible as long as the debt remains unpaid.
2007-01-10 13:21:14 · answer #10 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋