2007-11-10 04:46:59 · 10 answers · asked by kfount400 2 in Business & Finance ➔ Personal Finance
You can't. You have agreed to be responsible for the loan. Until that loan is paid, the bank holds all signers eligible for collection.
2007-11-10 04:57:39 · answer #1 · answered by artistagent116 7 · 1⤊ 0⤋
Are you getting a new or an used car this year for Christmas? So the loan did not work out, what do you expect the lender to do? You had no problem co-signing when the loan was started. Get ready to take over the payments and take possession of the vehicle.
2007-11-11 23:04:40 · answer #2 · answered by Gary 5 · 0⤊ 0⤋
You cant you are stuck with that loan, you are there to help because there credit score was not high enough to get an approved loan, they are going off of your credit to approve the loan. Are you sure your name isn't first on the loan? Most of the time the person with the better credit is tricked into being put first on the loan. The only way that i believe its possible to get off is if the other person was to refinance the loan, but odds are extremely low if they are not paying the bill. The first answer brought up a very good point too.
2007-11-10 04:57:02 · answer #3 · answered by jmo8557 1 · 0⤊ 0⤋
I doubt if you can. I understand that the co-signer is responsible for the payment if the other party defaults. Never co-sign for anything.
Tell the person that you will take over payment on the car or he/she must sell it if payments aren't made. If you get the car, due everything from the loan company and DMV to avoid ANOTHER problem.
If the other person defaults on the loan and you do to, both of your credit history will suffer. Apparently the other person doesn't care, but it appears that you do.
Contact the finance company and see if they will work with you. Good luck.
2007-11-10 05:01:47 · answer #4 · answered by Laurie 7 · 0⤊ 0⤋
I don't believe you can, because when you co-sign the loan you are agreed to TAKE OVER the loan when the person you co-sign for default (late or not paying) on the loan. I hope you are just asking BEFORE you really co-sign for someone, if so I would sugget you NOT to do it. Or if you are asking someone to co-sign for you, BE RESPONSIBLE on paying your OWN loan, and you can also built up YOUR OWN CREDIT SCORE. Good luck!!
2007-11-10 08:16:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You don't unless you pay the loan off. That is the purpose of a co-signer. You are agreeing that if the borrower doesn't pay the loan, you will.
But if they don't pay, you can have the car repoed and you get the car if you pay the loan. If not then it goes on your credit too.
2007-11-10 04:55:58 · answer #6 · answered by bonnieram1962 3 · 0⤊ 0⤋
The whole reason for having the co-signor is to offer protection to the lender when the primary borrower doesn't pay. At that point, your only real option is to pay on the loan yourself or pay it off. After all, that's exactly why they needed you to co-sign.
Remember that the next time someone asks you to co-sign a loan.
Frankly, I wouldn't co-sign for my own son. If the lender doesn't want to make him the loan on his own merits, why should I jump in and assume all the risk?
2007-11-10 04:59:43 · answer #7 · answered by copious 4 · 0⤊ 1⤋
You are resposible for the loan more than the other person. The only reason they loaned the other person the money was because you cosigned. Sorry
2007-11-10 07:00:04 · answer #8 · answered by Boat Junkie 2 · 0⤊ 0⤋
Well If the title is in another name you should make a deal that they reposes the car & then title it in your name & you make the payments.
You owe for the remaining payments on the car, so this way you may recoop some thing.
2007-11-10 05:13:13 · answer #9 · answered by Floyd B 5 · 0⤊ 0⤋
You don't. When you co-sign, you agree to pay if the borrower doesn't.
2007-11-10 07:00:34 · answer #10 · answered by npk 7 · 0⤊ 0⤋