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Dave Kennett
Dave Kennett, Lawyer (JD)
Category: Legal
Satisfied Customers: 27689
Experience:  25 years experience in general law, including real estate, criminal, traffic, and domestic relations
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Hi, about almost 3 years ago I cosigned for a ex friend of

Customer Question

Hi, about almost 3 years ago I cosigned for a ex friend of mine and we made a verbal agreement that after a year she would do whatever it took to re-fiananced her car and get me out of the loan. Everytime I tried to bring it up she said she has not money to make a down payment to get the car re-fiananced but i am tired of hearing these excuses and I need to get my name off of it so my it doesn't keep showing on my credit.
Submitted: 6 years ago.
Category: Legal
Expert:  Dave Kennett replied 6 years ago.

Dear JACUSTOMER - Verbal agreements with respect to a written contract are not enforceable and you haver no way to force her to refinance the car. The lender will not remove you from the loan unless it is paid so the only way to get your name off of the loan is to pay it off and then sue your ex friend for the money. If she defaults on the loan then you would be liable for the loan and would have to sue her for recovery of your money.

Cosigning is very risky business since it is usually done for someone who has no credit to get the loan on their own and therefor there is little prospect that they would be able to anytime in the near future. So you really have no option this point but to hope she continues to pay or to pay it off yourself and then sue her.

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