Cosigner Release?

[Brio]

I cosigned for a car for a friend who totalled the car,and now wont pay for it. I was acctually the main signer for it, and they were the cosigner. Can I make an Affidavit myself, that states I no long hold responsibility for the car, only the cosigner? I would get the friend to sign it and have it noterized. Can I do that or is there more to it then that?

 

[JETX]

Sorry, it is much more than that. The only way that you can be released from your responsibility for the debt is if the financer releases you.

Let me explain....
The 'friend' did not have sufficient credit for the lender to consider acceptable risk. That is why they required a co-signer... to assure repayment of their moneys. If the 'at risk' debtor breaches the payment contract, then the lender can, and will, come after the guarantor, you!

It doesn't matter what agreement you might make with the other signer, the lender only made the note due to your guarantee of payment.

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Steve Halket
Judgment Recovery of Houston
[email protected]
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This is my PERSONAL OPINION and is not legal advice! Consult your local attorney for your specific situation and laws!