Signed for a Car Loan for my stepson

[boughtthefarm]

three months ago my wife asked if I would consider signing for a loan for her son to buy a truck. Simply co-signing wasn't approved, as he had no established credit. Trying to a 'nice guy', I consented.

His first payment was late, and now he's two months in arrears. They've already submitted a late payment to my credit report, and I'm furious.

What can I do? I know I screwed up big time, but there must be something besides hiring thugs to break his knees.

 

[I AM ALWAYS LIABLE]

three months ago my wife asked if I would consider signing for a loan for her son to buy a truck. Simply co-signing wasn't approved, as he had no established credit. Trying to a 'nice guy', I consented.

His first payment was late, and now he's two months in arrears. They've already submitted a late payment to my credit report, and I'm furious.

What can I do? I know I screwed up big time, but there must be something besides hiring thugs to break his knees.

My response:

I know you know that you were a fool - - so, it's rediculous to say so.

Who's name is on the title / registration? If it's in your name, take the truck and sell it.

If your name isn't on the title, well go back to my first sentence.

IAAL

 

[boughtthefarm]

Thanks. I've pretty much figured out that this might be my only option. My name's on the title, and I've already been told I can get a key for the vehicle. I'll just have to keep up the payments until it's sold to keep my credit clean