Ask Experts Questions for FREE Help !
Ask
    mahrap2's Avatar
    mahrap2 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jun 12, 2007, 03:29 PM
    Can I Sue to Get Out of Co-Signed Loan?
    I made the terrible mistake of co-signing a car loan for a friend. I am forced to pay her car insurance because she won't. My credit is affected because she doesn't make a payment until just before she is threatened with repossession. She refuses to sell the car. What can I do to get myself off this loan, besides paying it off? What are my chances of winning if I take her to court to force her to either sell the car or refinance on her own or with someone else?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    Jun 12, 2007, 06:41 PM
    No, sorry there is no way to force her to sell it. And no way to make her refiance it ( and who would with such bad credit, and they would not do it without you last time)

    Your option is to go ahaead and just pay the payments when due, so they are not late.
    But why are you paying the insurance? That is not your issue, let him drive without insurance and report him if you want.

    But basically you are stuck, to pay for his car if he don't, that is what a co-signer is.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401K Loan vs. Home Equity Loan [ 3 Answers ]

I need $50,000 for a kitchen remodel. I can get a 401K loan 5 yr term 9.25 interest - total payments add up to 62,000 or so with a monthly payment of roughly $1,050. That payment is is tough on my current budget so I was considering a Home Equity Loan with a longer term. I know there are a...

Co-signed a loan now my son is not paying for the car I am [ 1 Answers ]

I am curious to know what my legal rights are. The situation is my son was unable to get approved for a loan on a vehicle. I signed with him and he has since missed payments that I have made to insure my credit line. What are my options? I live in Tennessee

Co signed car loan and title [ 12 Answers ]

I cosigned on an auto loan with our daughter. The car title and loan are in both of our names. She is going to move out and has been unreliable in making payments. I have had to bail her out more than once. I want her to either get the loan and title in her name alone or turn in her car. She...


View more questions Search