Q: I recently co-signed an auto loan for a friend who promised to make payments. Now he has refused to make payment but
Lied about making payment. The bank just contacted me and I've tried several times to reach the borrower but he refused to respond to my messages, emails or answer/return any of my calls. I can't afford to make payments as am struggling to care for my child as a single parent. The borrower has also refused to hid to my plea to have the car sold so as to pay the bank. What do I do? Please, please help.
A: If you co-signed, then you are likely responsible just as equally as your so-called friend. Your options may include refinancing, forbearance, taking out another loan to pay this back, borrowing money to pay it off, etc. You will find many resources, blog posts, AG articles, and the like addressing this topic.
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