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Dave Kennett
Dave Kennett, Lawyer (JD)
Category: Legal
Satisfied Customers: 27686
Experience:  25 years experience in general law, including real estate, criminal, traffic, and domestic relations
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Client co-signed auto loan for mother, after 2 years of on

Resolved Question:

Client co-signed auto loan for mother, after 2 years of on time payments, mother was 3 payments behind.
The co-signers credit reports stated 60 days late, and the bank suspended his
equity line of credit. The BMW finance company said late fees are due now,
that co-signer will not get his credit back for 7 years. The auto company
may not let the mother turn the car back in, and she has not been able to sell it.
Can the co-signer get off the loan? So far the co-signer's credit rating has been over 800
for the last 20 years. What can the co-signer do to get rid of this auto, off the loan as co-signer and the best & quickest way to repair credit report?
Thank You,
Fred
Submitted: 1 year ago.
Category: Legal
Expert:  Dave Kennett replied 1 year ago.
DearCustomer- The only way for the co-signer to get off the loan is for the loan to be paid. So either the co-signer would have pay the loan or get the car sold to pay it off. No lender is going to release anyone from a loan until the loan is paid and this is the danger of being a co-signer and not having primary control over the asset or the payments. The credit bureau is a private company and they make their own rules as to credit scores so that is not a legal issue but one that would have to be resolved with the credit bureau. I would assume that if the payments were brought current immediately that the credit bureau may at least not penalize your client to the extent they normally would due to the circumstances. Of course I'm not certain if the mother had a valid reason for being late or why the payments were allowed to go into a default position. In any event, there is no way to get off a loan unless the loan is paid or there is a bankruptcy which I'm assuming is not under consideration.
Dave Kennett, Lawyer (JD)
Category: Legal
Satisfied Customers: 27686
Experience: 25 years experience in general law, including real estate, criminal, traffic, and domestic relations
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