Powered by Yahoo! Answers

How can I get off an auto loan as a Co-signer?*

I co-signed for a loan for my girlfriend and she wont refinance it. She is destroying my credit. What are my options?

Answers:

1) You don't have any. Either she refinances it or you take it over to keep your credit clean.

2) Pay off the loan. You are stuck.

3) live and learn. either she refinances it to put it in her name or you pay it off. those are your options

4) You can't get off the loan because you guaranteed that you would be responsible for it. Since she wants to be an idiot, you need to play hardball and take your life back. You can consult with an attorney at a low cost, sometimes as low as 50 dollars, and I think you owe it to yourself to do so. This girl is really making me angry. She's an embarrassment to all women. Please don't sit back and let her do this to you.

5) To be perfectly clear, a co-signer is an individual who agrees to pay the debt of the primary borrower should she fail to make the payments as required by the promissory note she signed. Before you co-sign for somebody, you must ask yourself the following questions: (1) Will my relationship with the co-signer last longer than the financing period of the loan? If the auto loan is 72 months, will this woman still be my "girlfriend" six years from now? (2) Can I gauge my girlfriend's ability to repay this loan better than a auto financing company that has been doing this for years, if not decades? (3) Do I feel comfortable letting this person jeopardize my credit should they fail to pay the auto loan on time? (4) Am I willing to pay for this debt should this person become MIA or refuse to make any payments whatsoever? If the answer to all of these questions is 'yes', then sign. If the answer to any of these questions is 'no', then respectfully decline the request to co-sign the loan. You don't have many options. You have to convince your girlfriend to sell (or refinance) the car, but why would she do that since she knows (1) HER credit is horrible and (2) her ability to get another car with her own credit is slim-to-none. As co-signer, you are in the back seat, but you absorb all of the risk should the primary borrower default. This is why co-signing is a lose-lose proposition. You can not force the primary borrower to refinance and you can't force her to sell. The best you can do is remain her boyfriend and collect her money for the auto loan on HER payday and pay the auto loan yourself. That is the only way to ensure that the auto loan is paid on time.

6) This is a situation we see quite often where I work. Bottom line is you can't make her do a thing and you are as responsible for the debt as she is. If she doesn't pay they come after you. You just learned why you NEVER co-sign anything for anyone. To make your credit look better---pay it yourself. Yes that sucks but it's the only way to take care of your own credit. Learn more about credit at bankrate.com

7) You need to slap the shit out of her!

*The answers on this page are supplied by users of the Yahoo! Answers forum or by visitors to this site. CreditOptions does not necessarily endorse or agree with the answers provided.