[chvys102000]

I took out a car loan for my brother. I am named buyer and he is named co-buyer. He fell behind the payments and it was repossed. Now I am being sued. Is there any way for him to legally take full responsibility of the loan. Get rid of my name on the loan. He willing to do this.


Thanks.

[CaptainForest]

I am sorry to say to you that you are in tough waters here.

You are co-owners. The loan is in YOUR name. Meaning YOU are legally responsible.

Then you can sue your brother afterwards though.

Let's say the amount is for $30,000. While your brother is really responsible, the creditors can take the $30,000 from you and then you have to go after your brother for the money.

I hope you have learned a valuable lesson here. Never loan money to family unless you are prepared for the possibility that it can turn into a gift.

[fredg]

Hi, chvys,
The answer before mine is very good. I would just like to add that my wife had a similar experience here in the State of VA.
She co-signed a loan for a "good friend" to buy a used car. The "good friend" decided she didn't want to be a good friend, or even a friend anymore, and we were stuck with paying it. Fortunately, it wasn't that much money, and not worth suing this "friend" for... would have cost more for a lawyer to sue someone who couldn't have paid it anyway.
Yes, you are responsible for paying it off.
My wife learned a very valuable lesson, and we both will NOT co-sign anything for anyone anymore... I am retired now, and can't afford it!