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Good after noon,I cosinged for a car and the person is not…

Customer Question
Good after noon,I...

Good after noon,I cosinged for a car and the person is not paying like agreed. what can I do to have my name removed

Lawyer's Assistant: What state is this in? And how old is the car?

New jersey 2016

Lawyer's Assistant: Has anything been filed or reported?

No

Submitted: 10 months ago.Category: Legal
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Answered in 7 minutes by:
10/5/2017
Lawyer: ScottyMacEsq, Attorney replied 10 months ago
ScottyMacEsq
ScottyMacEsq, Attorney
Category: Legal
Satisfied Customers: 18,161
Experience: Licensed Texas General Practice Attorney
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Thank you for using JustAnswer.

I'm sorry to hear about your situation. Unfortunately, this situation is far too common. Cosigner liability is a question that I get asked on a weekly basis, as individuals who cosigned loans later on realize that the individual that they cosigned for is either defaulting on an agreement, or the underlying relationship breaks down, and the cosigner realizes that he or she may have liability in the future. The whole point of cosigning is usually so that someone will get approved for a loan. It is a specific agreement to the lender or other creditor that you will pay if the other party doesn't. And test contracts are written with this situation in mind. Believe me, it's VERY difficult to get out of such a contract once the borrower has defaulted. And there are not really any legal "loopholes". (Lenders, banks, and other creditors have enormous lobbying power, so they close any loophole that might come up. Borrowers and co-signers don't have that same lobbying power, which is why the law is far more lender-friendly).

Assuming that there was no fraud in this situation, the only way that you could get out of this agreement is if the creditor voluntarily lets you out (this is called a "release").

Now if the borrowers does not pay on this agreement, you would have a claim against or for any payment that you would have to make as well as any impact that it would have on your credit score or credit report. TBut the fact that you signed an agreement as a cosigner, without any insinuation of fraud, then it would be almost impossible to get that rescinded.

If I were you I would contact the lender and ask what needs to be done to be released as a cosigner to the agreement, letting them know that the relationship has broken down, that you have no control or connection to this person any more. They might release you if there's been a strong history of payment. But understand that they have no legal obligation to release you. Often they will in certain situations, such as if the individual currently has good credit, good payment history, etc. but there is no obligation or way to get out of this ( except in the situation of you declaring bankruptcy)... Bankruptcy would be the only way that you could get out of liability (as it would be discharged) without the creditor's consent.

Again, you have a legal claim against the borrower for anything that you spend, but the creditor is entitled to come after you for repayment.

I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

Thank you, ***** ***** luck to you!

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Lawyer: ScottyMacEsq, Attorney replied 10 months ago

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

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Lawyer: ScottyMacEsq, Attorney replied 10 months ago

Can you see on your screen where you need to rate it? Note that you may need to press a "submit" button after clicking on the appropriate star rating. This is what I'm waiting on from you. Thanks!

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Lawyer: ScottyMacEsq, Attorney replied 10 months ago

Hello?

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Lawyer: ScottyMacEsq, Attorney replied 10 months ago

Please note that I am still waiting for your response or rating...

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Lawyer: ScottyMacEsq, Attorney replied 10 months ago

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

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Lawyer: ScottyMacEsq, Attorney replied 10 months ago

Hello?

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