I cosigned on an auto loan for a year the person I sign for does not want to refinance. What can I do legally?

They have ruined my credit because they are late with payments. I made the mistake to co sign now how can I fix it. They are in-laws; my husbands son. How can I have the finance co. take me off the loan?

I cosigned on an auto loan for a year the person I sign for does not want to refinance. What can I do legally?
Perhaps if you offered them $1000 they would refi under their name only. Ifthey accept, make sure you see the satified papers before you give them the money.
Reply:Unfortunately you can't do anything. When you co-sign, you agree to all the consequences that come with the person defaulting, including ruined credit. If the other person isn't willing to refinance to take you off (probably because they know that they won't be approved without you) then you are stuck. You could however pay off the car, and then file small claims against them to show that you paid it, and that they ruined your credit, and you may be able to get a garnishment to pay you back, or you may get the car and be able to sell it. Sorry that doesn't really help you in the mean time though.
Reply:When you co-signed you agreed that you would make the payments if they could not or would not make them. So you have found out the hard way why you should never co-sign unless you are prepared to do this.





Unfortunately the short answer is the only way to be taken off of the loan is to pay off the loan. If they don't want to refinance then you will want to avoid further damage to your credit. You might want to think about paying the loan yourself to be sure it is on-time, and then have your husbands son pay you.
Reply:As far as I know, since you are not the primary borrower you really have no say in the matter. The bank is only going to come after you if the primary borrower can not pay.


Since they are paying the loan refinancing is up to them. Although if they are constantly late with payments, they may not be able to refinance anyway. It seems that you would be able to refinance if the loan is turned over to you.


I would contact the bank and let them tell you your options. Because they are soon going to be knocking on your door.
Reply:That is just horrible. As they say, no good deed goes unpunished. There isn't anything you can do so far as I know. Hopefully, they wil finally pay off the loan and then you can work on rebuilding your credit, but it sure puts you in a heck of a mess until them. Your hurt may help others to realize to never co-sign for anyone for any reason because you are actually agreeing that the loan is your responsibility.
Reply:You CAN'T be taken off the loan unless they refinance, which probably won't happen because they are always late with their payments. NOW you know why you NEVER co-sign for anyone. If they don't pay on time, either YOU pay or have your credit ruined.
Reply:There's not much you can do except find a way to pay off the loan pronto so it can stop hurting your credit. That's the chance a cosigner takes.
Reply:you cant that's what a co signer is if the person does not pay you signed stating you would pick up where they left off
Reply:as long as the loan is on you will be responsible you should take charge and make sure the payment is on time every month
Reply:I don't think they'll do that. You should probably make the payments and sue the son.
Reply:what were you thinking

ginkgo