BBjazz44 Posted December 3, 2004 Report Posted December 3, 2004 Hello all. I need your assistance once again.I co-signed a car loan early last year. The car my friend bought is upside down(of course). She wants to trade it in for something new. She cant refinance her current car due to credit. Many dealerships are turning her away. Is there a legal way to get my name off of the car loan? Im looking to get married and buy a house mid '05. I think she is about 6k upside down. She initially planned on refinancing but needed help to get in the car. Also, Im only the co-signer, not co-owner.Please help.
miracle Posted December 3, 2004 Report Posted December 3, 2004 Sorry, I can't help but... You may want to post this in the "obtaining CC, Auto Loans" forum.... Someone may see it over there that can help.
workinninetofive Posted December 3, 2004 Report Posted December 3, 2004 The same thing happened to me... but the car was long paid for. I just sent in a ltr to the CRA's saying this acct isn't mine.. they took it off the first time I disputed it. I would suggest trying that right now. I am shocked they haven't repoed it. I believe you are still financially responsible for the debt, that's why she needed someone with better credit. If she defaults, you are a back up. Nobody is going to give her another car loan without a parent or somebody stepping in. I would suggest her turning it in and getting a cheaper car until she can get something else. She is ruining both of your reports.
BBjazz44 Posted December 3, 2004 Author Report Posted December 3, 2004 I have no clue what her credit scores are. Im starting to feel like Im on the hook. She has made a few lates and I just wanna get from under it. I told her that she may end up taking a much higher interest rate and add the negative equity on the new car. She didnt like that but she cant afford the current car either!!!!!! Im at a loss.Thanks for the advice, keep it coming.
edubb007 Posted December 3, 2004 Report Posted December 3, 2004 BBJAZZ... Relax.. This can be worked out. You got to get a hold of her reports and see what is really going on. If what they say is true about PATELCO than maybe she can get approved for a re-fi there. Check out the "MOnster Patelco" thread...
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