prettywoman532001 said:
i am from california. i cosigned a loan for my son to get a truck, at the time he was very stable. he is now 1 1/2 months behind on payments and has become very unstable. he has become verbally abusive to me. is there a way i can get off the contract as the cosigner?
My response:
Nope. You're stuck. That is, unless your name appears on the registration as an owner; e.g. as [your name] "or" [his name], then you can take possession and sell the vehicle. Otherwise, if only his name appears, or if he is also required to sign the registration, then you're stuck. But, if you can sell the vehicle on your own, get whatever you can for it, pay as much of the loan as possible, and then you're stuck for the balance. Then, you can sue your son for any deficiency that is left over.
IAAL
[Edited by I AM ALWAYS LIABLE on 02-17-2001 at 01:07 PM]
