cosigner on car loan problem

[Staci]

I bought a car a year ago that I no longer want. The payments are too high and my needs have changed. While this is normally not a big deal, the problem is that as long as my cosigner is on that loan, I apparently can't do much with the car except continue to make these ridiculous payments. The cosigner and I are no longer on good terms and therefore trying to get him to sign off on the loan is a big problem. What can I do to either refinance in my name only, sell the car off, or whatever without having to deal with him? Is there anything that can be done (legally) or am I stuck with this car forever?
Thanks to anyone who can help.

Staci

 

[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Staci:
I bought a car a year ago that I no longer want. The payments are too high and my needs have changed. While this is normally not a big deal, the problem is that as long as my cosigner is on that loan, I apparently can't do much with the car except continue to make these ridiculous payments. The cosigner and I are no longer on good terms and therefore trying to get him to sign off on the loan is a big problem. What can I do to either refinance in my name only, sell the car off, or whatever without having to deal with him? Is there anything that can be done (legally) or am I stuck with this car forever?
Thanks to anyone who can help.

Staci<HR></BLOCKQUOTE>

My response:

Okay, first, try to determine if, in fact, you can get a new refinance loan on your own. If you can, inform your cosigner that if he / she refuses to sign off in order to allow you to refinance, then you'll stop making payments on the car, and the cosigner's credit will go right into the dumper, and the creditor will start collection procedures, and then court procedures, against the cosigner. That'll get him / her to move off the dime. This is the only way I can see this happening . . .

IAAL

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[Staci]

I'm pretty sure I can get refinanced, probably at a much better rate. Do you think my bank would be able to talk to the cosigner or send him a letter or whatever on their own, without my having to go down there myself and talk to him? I know it sounds silly, but I don't even want to have to look at this person. Is asking them to deal with him in my place a reasonable request, or would they just laugh me out of there?

Staci

 

[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Staci:
I'm pretty sure I can get refinanced, probably at a much better rate. Do you think my bank would be able to talk to the cosigner or send him a letter or whatever on their own, without my having to go down there myself and talk to him? I know it sounds silly, but I don't even want to have to look at this person. Is asking them to deal with him in my place a reasonable request, or would they just laugh me out of there?

Staci<HR></BLOCKQUOTE>

My response:

I don't believe the bank will intercede for you in this regard. You'll have to bite the bullet and talk to the cosigner yourself.
However, after thinking about this a little more, you may want to remind the cosigner that their credit is "on the line" and that you'd be willing to pay, say, $50.00 for their time and trouble to agree to sign off, and to come to the bank to do so. If the cosigner still refuses, go to plan "B", above.

IAAL



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By reading the “Response” to your question or comment, you agree that: The opinions expressed herein by "I AM ALWAYS LIABLE" are designed to provide educational information only and are not intended to, nor do they, offer legal advice. Opinions expressed to you in this site are not intended to, nor does it, create an attorney-client relationship, nor does it constitute legal advice to any person reviewing such information. No electronic communication with "I AM ALWAYS LIABLE," on its own, will generate an attorney-client relationship, nor will it be considered an attorney-client privileged communication. You further agree that you will obtain your own attorney's advice and counsel for your questions responded to herein by "I AM ALWAYS LIABLE."