Mine name is also on the title of the car. There is no way my friend can get the loan amount on their own or pay it off, and I won't pay it off either. Am I stuck with a chance of bad credit because of them?
2007-05-30 06:43:11 · 11 answers · asked by Due Date: May 16, 2010 3 in Business & Finance ➔ Credit
If you co-signed, it's your responsibility. The only way to remove your name is if the ex-friend agrees to it. Sounds like you just bought your ex-friend a car.
2007-05-30 06:46:35 · answer #1 · answered by pater47 5 · 0⤊ 0⤋
Unfortunately, you are stuck with this situation until such time as the friend pays the car off. The lender is not likely to let you out of the situation if the friend cannot qualify to refinance on her own. Further, since you are a joint owner, you better make sure she keeps the insurance coverage up to date at all times. Otherwise, you will be on the line as well as her if there is an accident with no insurance.
2007-05-30 13:55:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes you are stuck with it, unless the loan is paid as scheduled. By cosigning, you took responsibility that the loan would be paid. If they don't pay it and you don't either, your wages could be attached for the debt. Most likely the car would be repossessed, which would show on your credit as well as theirs, but if it isn't worth what's still owed, then they can still collect the balance from you or your former friend.
2007-05-30 13:47:29 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Sorry dear. You are stuck with the payment if your friend does not make the payments. Yes, it will effect your credit. You can't really say.... "Because of them". You made the decision to co-sign. It was nice of you to want to help a friend out. But... next time you want to help, make sure the person you are putting your self out on a limb for only has bad credit due to "past" hard times and is presently capable of making payments. Personally I won't co-sign for any one other than my children. This is one way to ruin a good friendship.
2007-05-30 13:56:50 · answer #4 · answered by Vida 6 · 0⤊ 0⤋
Oops! Maybe stuck, maybe not. Depends on how creative you are. And how motivated you are.
Before I continue I really would like you to promise me that you've learned your lesson here and that you'll leave it up to other suckers to repeat in the future.
That aside, since you're on the title, you can sell the car. Now, since it's co-owned you'll have to pay your friend for their half. Since you're a nice person that is.
Just advertise the car for sale and find a buyer who can convince your so-called "friend" (be careful about who you let into your life) to sell. Barring that you can have someone like me call up your friend and threaten to take them to court for your half of the car you own and want to sell.
I am not an attorney (yet) but most people succumb to threats of legal action against them. I'd be happy to do it but you can probably find someone you already know to pretend to be an attorney for a day.
Barring the sale of the vehicle you will likely be stuck with much worse than bad credit. You will kick yourself for years for not following this advice, you'll have completely soured what might someday turn out to be a halfway decent relationship and you'll have bad credit.
As they say in special forces...a bad decision is better than indecision. So make yours.
2007-05-30 13:52:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, you can get your name off the loan, but you will have to talk your friend into refinancing in their name.
You are stuck with a chance of bad credit if you do not pay on this loan that your "friend" is not paying on.
My advice: don't cosign on a loan, EVER.
2007-05-30 13:52:08 · answer #6 · answered by Catherine B 2 · 0⤊ 0⤋
By being a co-signer, you agreed to the lender that if the original purchaser could not or chooses not to make payment; then you willingly agree to be responsible for it. They will call you and harass you into paying YOUR financial obligation, and if and when you don't, they will re-posess and trash your credit. It is a tough lesson. NEVER co-sign for anyone. I wouldn't even co-sign for my kid unless she was a stellar conrtibutor to society and excessively financially sound; but oh yeah....... she wouldn't need me then!
2007-05-30 13:54:07 · answer #7 · answered by Kay 3 · 0⤊ 0⤋
my suggestion is to repo the car from her and try to sell it...is it in good enough condition to sell it for at least what is owed on it? That is the only way to get your name off that loan
2007-05-30 13:47:35 · answer #8 · answered by juda75 3 · 1⤊ 0⤋
kind of tough and you are still responcible for the loan. Call the lender and ask advise
2007-05-30 13:48:01 · answer #9 · answered by jimmy b 3 · 0⤊ 0⤋
well i would think since its in your name to you are part owner and have the right to go get the car,then sell it,drive it,whatever.but do check laws on that first.
2007-05-30 15:16:21 · answer #10 · answered by mamanana9 4 · 0⤊ 0⤋