Credit issue with cosigning a loan?

Answers:1   |   LastUpdateAt:2012-09-19 03:35:03  

Question
severina
Asked at 2012-09-02 15:15:02
My husband also signed by a personal loan from your child for a car . What if you decide not to make the payments ? Does the credit guarantors screwed so bad if not paid ? Is there any way to be taken as an endorsement and let his son take the fall for the car or is there something we can do . We were trying to help him out and I feel like we're being screwed now because he has decided he does not want the car and therefore will not pay the loan . What would you do in this situation ?
Answer1krystleAnswered at 2012-09-19 03:35:02
Auto Finance is what I do for a living and I know this is not what you want to hear , but when someone co ​​- sign a car loan that are responsible for making the payments in case of default primary signer on the loan. MedlinePlus MedlinePlus If I were your husband I take the car and sell it and pay the balance , if possible. Do not stop making payments on time, while you are trying to sell your car or your husbands credit will suffer . MedlinePlus MedlinePlus The only way to get your husbands name off the loan to refinance the car without his name on the contract .
Related Questions
1
  • Answer This Question:Credit issue with cosigning a loan?