I co-signed an auto loan and the bank put the loan in my name what can I do ?

Answer 1

Not much frankly.

You could've read the contract before signing it, realizing that when a banker says: "Oh that? Pshaw...It aint nothing." They're being completely honest.. It aint NOTHING, it's SOMETHING.

Besides when you co-sign a loan, you're really putting the loan in your name anyway.

What the heck did you THINK you were doing?

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Answer 2

If you co-signed the loan the loan company can come after you if the borrower does not pay. Co-signing is a huge deal but you should not be listed as the borrower. When you co-sign, banking regulations require that you sign a co-signor agreement which should be the last page of the loan note. This explains that if the borrower defaults the bank will hold you just as responsible fro the balance as the borrower. They are expected to go after the borrower first. The bank will give you the opportunity to clear up the balance before reporting the incident to your credit bureau. My guess is that the borrower defaulted and now the loan is "yours". You can't get it out of your name.

If you were a co-borrower, then you are the borrower and the loan history, negative or positive will appear on your credit immediately. You are expected to make current payments.

Answer 3

If you co-signed, you ARE responsible for the payments - it WILL affect your credit if you or the borrower don't pay. When you co-sign on a loan, you are taking on the secondary responsibility for the loan - thus making you the cosigner. If the borrower defaults, they will come after you - and they have every right to, as you signed saying that you would be responsible for the loan. If your paperwork has you listed as second, then you are the co-signer (ie co-borrower), there is nothing that you can do. If you are listed first, you need to remember how you filled out your credit app - did you fill out the side of borrower, or co-borrower. If you filled out the side of co-borrower then you can go to the bank and have them amend the paperwork, if you filled out borrower, you are probably stuck until you can re-finance. Be very careful co-signing on loans, as they do show up on your credit and the payment history of the borrower shows up as well, so if they pay late, you pay late, thus affecting your score.

Answer 4

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RE:I co-signed an auto loan and the bank put the loan in my name what can I do ?

Answer 5

Auto finance is what I do for a living and that's what happens when you co-sign a loan.

The account shows on both signers credit reports and no one knows who is the primary and who is the secondary signers. The only thing that shows up is either a "J" for joint or a "C" for co-sign under the lenders name on the left side of your report.

If the loan is paid well, you both get equal credit for it. If it's paid badly, you both get dinged equally for it.

Answer 6

The loan should be in both names since two people cosigned. It doesn't matter which is listed first on the loan you are both equally responsible for paying your debt.

Answer 7

Go to the bank and check the paperwork to make sure you are the co-signer. Aside form that if you don't make the payments, it won't hurt your credit much unless the co-borrower defaults, then you would have to make the payments anyways.

Answer 8

NOTHING, if the other person that is on the account doesn't pay you have to pay. You may be able to get around some stuff but you have to look at the contract and take it to a adviser or something. Good Luck

Answer 9

by cosigning you legally agreed to pay for the car if the other person does not. Never cosign. It's as if you bought the car yourself.

Answer 10

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