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LegalGems
LegalGems, Lawyer
Category: Consumer Protection Law
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I co-signed a car loan daughter. I was still working

Customer Question

I co-signed a car loan for my daughter. I was still working when I co-signed; I'm now 71 and retired. My daughter lost her job and I've been paying her rent and car payment. It's putting me behind with my bills. All I have is my social security with no other income. Is there any way that I can get my name off the car loan contract?
Submitted: 8 months ago.
Category: Consumer Protection Law
Expert:  LegalGems replied 8 months ago.
I'm sorry to hear this;unfortunately when one signs as co-signer, it is impossible to be released from the loan unless the lender agrees to it. Most lenders will not, because it provides assurance that the company will get their payment. If no one pays on the car, it will be repossessed but that would affect one's credit adversely. Another option is to attempt to convince the owner of the car to sell it, and buy perhaps a used car after the balance is paid off.
Expert:  LegalGems replied 8 months ago.
Sample letter here:www.consumerfinance.gov/.../201... kindly rate positively if no further questions.

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