You cosigned, you are liable and responsible

Board Topic: Cosign loan, liable and responsible?
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Cosign

Posted by: Randy Sep 1 2004, 09:46 PM
Hi,
3 years ago my girl friend of 3 years at the time needed to buy a car, but she had no credit. So I cosigned for her. After we broke up I triued to get her to refinance it so it would be out of my name, but she never did. So, 3 years later, she screwed up the loan to the point that they found me on the other side of the country and wanted me to pay what she owes for the last two months. I asked about her history and shes late every month. I had perfect credit, but now I have this. I really need to get this car out of my name at all costs. I know i signed for it but is there any way to legaly force her to refinance or ANYTHING???
Thanks
Randy

Posted by: loanuniverse Sep 2 2004, 09:43 AM
Sorry Randy, there is nothing that you can do legally to force her to refinance. You can try to talk and reason with her that this is something that should be handled by her.

The fact that she has been late should not affect your credit, it all depends on how you handle the claim right now. There is no way around it, you cosigned, you are liable and responsible. The good news is that the lender is not asking for payment in full, which is something that usually can be done when a loan is delinquent.

If I were in your position, I would make the loan current. However, I would talk to her and ask her to sign a promissory note that she owed me the money.


Good luck, I think you will need it.
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