And remove my name from the loan when we signed for the loan the other personas credit was bad so i signed first and them second on the application. My name is not on the title as co owner or second secured party. THE person has tried to get a loan supposedly but was told the car is not worth what they owe on it . And supposidly cant get a loan. THEY have been making the payments but i want my name removed it was just to help them establish good credit, I have a signed document of them agreeing to refinance and remove my name . What can i leagly do ? to get them to look harder into finding a credit union or bank that will give them a loan and get my name off of it.
2007-09-17 12:47:34 · 2 answers · asked by bobrob m 1 in Politics & Government ➔ Law & Ethics
Sorry - you're out of luck. There's no way the bank is going to let you out of the loan - it made the loan in the first place on the basis of your good credit. Just hope they keep making the payments. If they stop, you can try to take them to small claims court to reimburse you for payments that you will have to make on the loan.
This is why it is always a bad idea to co-sign loans for people with bad credit - there's a reason why people end up with bad credit, and you don't want to get pulled down with them.
2007-09-17 12:55:30 · answer #1 · answered by LawMom 3 · 2⤊ 0⤋
That was just a dumb thing to do. If they needed your help to get a loan, no way was their credit going to be so much greater one year later. If they are making the payments on time every time, don't sweat it. If they have no viable alternative to finance the car, you might just be stuck. But if it's not a problem, don't make it one. And never do it again.
2007-09-17 12:56:08 · answer #2 · answered by Flatpaw 7 · 0⤊ 0⤋