I live in Maine and im crying because im worried about what he might do to the truck. He will never be able to pay for it on gods green earth and it will come back on me but i dont want a junk truck. So how can i get out of the deal now.
2007-07-19 12:58:07 · 8 answers · asked by brookie25712 1 in Cars & Transportation ➔ Buying & Selling
Ask the bank to take you off. If the bank refuses, you are liable if he does not pay. DONT EVER COSIGN FOR ANYTHING.
2007-07-19 13:04:20 · answer #1 · answered by Anonymous · 3⤊ 0⤋
That's the problem about cosigning anything. If the pricipal lender does not pay the loan then the cosigner is responsible for the debt. Sorry but this is why banks want a cosigner so they have recourse when the lender defaults. Believe me the Bank is not taking you off anything because you ask. They are in business to make a profit and since you cosigned, your responsible for that debt. Your only alternative if he defaults on the loan is to take him to court for the amount that you had to pay.
2007-07-19 20:06:50 · answer #2 · answered by CRAIG C 5 · 2⤊ 0⤋
Hopefully.... you kept a set of keys for the truck, so you can "repossess" it if you have to. Or, if you have any of the paperwork..... the dealership may be able to make keys from the VIN number (serial number of the truck). You could also call the loan company and explain your situation. If you're upfront and honest with them, they may appreciate your honesty and be willing to help you out of a jam if they can.
2007-07-19 20:11:05 · answer #3 · answered by dathinman8 5 · 1⤊ 0⤋
If your name is is on it contract is not broken with a divorce. I prayed two years till the truck my ex and I, had in both names was finally paid off. And if they do not pay it off they will look for you for payment. Yeah it sucks
2007-07-19 20:12:12 · answer #4 · answered by shellie n 1 · 2⤊ 0⤋
Unless he refinances it in his own name you can only pray that he makes the payments, because if he doesn't, you will. It's virtually impossible to get your name off of a loan as a co-signor. The bank has nothing to gain by letting you off the hook and everything to lose if they do.
2007-07-19 23:05:58 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You can't. You signed a contract and can't just back out. When you co-signed you agreed to be responsible for what happens.
2007-07-19 22:49:57 · answer #6 · answered by Anonymous · 1⤊ 0⤋
the bank would know the best.
but if you cosigned you might be able to force him to sell it too. Not sure, but it sounds liek you could legally do that
2007-07-19 20:06:33 · answer #7 · answered by Nicole 4 · 0⤊ 1⤋
you are fcked
2007-07-19 20:11:22 · answer #8 · answered by Just Another Brother 2 · 0⤊ 0⤋