Q: I signed a auto loan for a friend who is not making payments. What can i do to get this out of my name
He drives the car, pays for insurance, holds car at his house. He hasnt paid 3 months worth
A: Hard to imagine they needed you to co sign as your friend's credit was not good enough and they will now, once they have you obligated for the loan, let you out? Best move, IF possible, I'd say, is SELLING it if you can...
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A:
If you signed the auto loan as a co-signer or guarantor, you are legally responsible for the loan if your friend fails to make payments. To get the loan out of your name, you can try negotiating with the lender to see if they are willing to remove you as a co-signer. Alternatively, you may explore the option of refinancing the loan in your friend's name only if they can qualify for the loan independently.
James L. Arrasmith
Founder and Chief Legal Counsel of The Law Offices of James L. Arrasmith
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