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    cdag8181's Avatar
    cdag8181 Posts: 1, Reputation: 1
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    #1

    Oct 28, 2007, 07:59 PM
    Can the cosigning process be reversed?
    I just cosigned for a truck for my boyfriend about 4 months ago. I'm now regretting doing so since he is not the most responsible person with his money. Is there any way that I can get out of being responsible for him if he doesn't make a payment, or have someone replace me as the cosigner?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Oct 28, 2007, 08:16 PM
    If your boyfriend will get a new loan to pay off the current one, you can be released, but no they have no reason to let you off, they knew he was a bad risk, that is why they needed you to co sign in the first place.

    If he does not pay you will have to.
    CindyLynn's Avatar
    CindyLynn Posts: 31, Reputation: 4
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    #3

    Oct 28, 2007, 08:53 PM
    If your boyfriend is also keeping his other obligations current then his credit score should be improving as a result of this loan. If this is the case there is a possibility that he may be able to refinance the loan after 6 months to a year of positive payment history. This will be the only way you will be able to get out of it. This or if he sells it completely.
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