Advice for car loan trouble.

[figbrains]

What is the name of your state?What is the name of your state?What is the name of your state? Massachusetts

A relative of mine is having trouble with a car loan she co-signed. The person whose name is first on the loan is no longer paying the loan, so the co-signer is paying because she doesn't want her good credit ruined. The car also is not insured any more. The co-signer is afraid that the person using the car will be in an accident and she (cosigner) will somehow be held responsible. GMAC financing is the holder of the loan and has not offered any advice for the co-signer to get out of the loan. Co-signer is not sure if she is on the title or even the registration (when it was registered). How can she find that out, and what kind of recourse does she have? She just wants to be able to stop paying for a car she doesn't need or want without hurting her credit. The local police have offered no help, even though they know the car is not insured. The primary signer on the loan is intentionally not paying because she knows she's able to get away with it. How can she be legally stopped from taking further advantage? Thanks for your time.

 

[shortbus]

The cosigner is only liable for the debt on the car. If she's not on the title or insurance, she can't be held liable for an accident (not that it would stop someone from trying). The DMV can answer that.

Why should GMAC help your relative get out of the loan? They're interested in the payments, not people's personal problems.

She shouldn't have co-signed the loan if she wasn't prepared to pay for it.