I bought a car with my boyfriend a week ago... I am the co-debtor. Can that action be reversed? I regret it 100% If not can you PLEASE explain to me what I got myself into! I feel so stupid right now :(

It means quite basically that if you two split up and he defaults on the loan, the responsibility for paying on the car remains with you solely. Can't be reversed, bad choice.

Are both your names on the title?
Who did you borrow from, the dealer or a bank?
Did one of you put down more down payment than the other?

Meanwhile, say if you don't pay his share, I won't either, the car will be repossessed, fine by me, we'll both have ruined credit (whether you are bluffing or not).

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Originally Posted by joypulv

Are both your names on the title?
Who did you borrow from, the dealer or a bank?
Did one of you put down more down payment than the other?

Meanwhile, say if you don't pay his share, I won't either, the car will be repossessed, fine by me, we'll both have ruined credit (whether you are bluffing or not).

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I don't think it works out that easy. Co-signor on loan is responsible even before the car is re-possessed. They go after OP for the money first.

I don't read the question as being about joint liability on a car loan but rather buyer's remorse: she isn't sure she wants to buy the car after all. Unfortuantely, in most places, she doesn't have the right to take it back.

With cars, they ALWAYS have more than enough cushion up front. They repo as soon as there is a danger of hitting the loss. Those no money down deals are only for people with really good credit, and if anyone defaults, they just repo instantly.