What to do about a truck?

Question

My wife cosigned on a truck for her friend and now that we are moving, she is not comfortable with leaving her friend the truck. basically she doesnt trust him to make the payments even though he has not missed one yet. what courses of action can she take to get the truck back or get her name off the loan short of a long legal affair.

Answer 1

Unless the friend can and is willing to refinance the vehicle, or the bank is willing to release her from the loan, she can not be removed from the loan!

The bank is not going to release her, there is no advantage to them in doing so. If the loan is not paid by the friend, they can (and will) come after your wife for the payments!

If the friend has had the truck for a while, and has made all the payments on time, the friend may be able to re-finance without a cosigner. This will only happen if the loan balance is less than the value of the truck. The interest rate may be more also! There is no advantage to the friend to take a bump in the interest rate, so they are not going to do that!

If she was just a cosigner on the loan, she has no ownership rights to the truck. A cosigner guarantees the loan will be paid! If her name is on the title as a co owner, she has just as much ownership interest as does the friend, but as a cosigner she has none!

All she can do is contact the bank and ask that they notify her in the event any payment is even one day late, and try to keep pressure on the friend to pay on time!

Sorry

Answer 2

If he's been making on time consecutive payments for 6 months or more, she may be able to get her name off. She won't be able to take the truck though

Answer 3

you might be able to go to the dealer you got the truck from and go ahead and switch the names since he has been able to make all the payments, they may figure he can keep making the payments. but that is just a try I am not sure.

Answer 4

not much