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    stokbs's Avatar
    stokbs Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 8, 2007, 06:39 PM
    Auto loan Cosigner
    I am cosigner for my friend's car. He has made 2 late payments and makes my credit score down a lot.
    Can I bring my friend to court and ask him to refinance?
    Any other (legal or regular) ways to make me out of the contract?
    Thank you
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 8, 2007, 06:42 PM
    If he defaults on the loan, you could sue him, but if he can't pay the car loan how is he going to pay you? This was the risk you took when you agreed to co-sign. There would be no way for you to get out of the responsibility unless he refinances and you can't force that.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Oct 8, 2007, 07:49 PM
    No you can not sue him to refinance, this is what you promosed, if he will not pay, you will. So if he is not paying get your check book out.

    If he completely does not pay, and they come and get the car ( repo) you can sue him for any money they force you to pay.
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