How do I get out of used car contract?

[protasio]

What is the name of your state? Connecticut

I co-signed a contract for a used car this morning. The buyer is an 18-year-old foster child who needed a co-signer. Unfortunately, he has decided that he cannot afford the insurance on the car (it turned out to be double the quoted price) and has to return the car and get out of this contract. How do we do this? Is there a "cooling off" period for this type of contract. The car was purchased at an auto dealer.

 

[I AM ALWAYS LIABLE]

What is the name of your state? Connecticut

I co-signed a contract for a used car this morning. The buyer is an 18-year-old foster child who needed a co-signer. Unfortunately, he has decided that he cannot afford the insurance on the car (it turned out to be double the quoted price) and has to return the car and get out of this contract. How do we do this? Is there a "cooling off" period for this type of contract. The car was purchased at an auto dealer.

My response:

Insurance trouble, of any nature, is not an excuse for canceling a contract. So, that's out.

Unless the dealer, through his "good graces", wants to cancel the contract, then both of you are stuck.

IAAL