Question:

How to get out of a loan in which you co-signed for?

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I co signed for a friend on a vehicle loan. she is late on the payment and avoids me. I asked her just to give me the stupid car and I would try to sell it.She won't.It's like torture. the credit union calls me and sends me late payment letters all the time. she lapses on the insurance and the registration the franchise tax board was gonna take the money she owed outta my workcheck.They go after the co-signer all the time and don't even try to talk with the other party. the car is expensive so if I did have it, i would make a few payments and try to sell it, eventhough its not worth the payoff. I would still owe about 8 grand. I begged this woman to get another co-signer but no one is as dumb as me to help her out. I don't have a key so I can't take the car and just make the payment. she's hurting my credit and stressing me out.

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8 ANSWERS


  1. If the title is in your name as well as the loan, just call the dealer and ask for the code # for the vehicle. Once you get that, go to a lock smith and they'll be able to make you a duplicate key. If you're not on the title, you can not repo it. Perhaps if you offered her $1000, she may transfer the title but the problem with that is you have to pay it off. The last option is bankruptcy.


  2. Contact the lending institution that provided the loan and state your case to them.  If the primary borrower is able to provide another co-signer to take your place who is as credit worthy as you are, there should not be a problem.  If this is not possible, then you might be stuck.

  3. By co-signing, you made yourself responsible for the debt.  The situation you are in is exactly why a co-signer was required.  You can't get out of it AND you have no ownership interest in the car.  That means if you take it, it's theft and you can be prosecuted.

    To protect your credit, you must make the payments and make them on time.

    You are legally on the hook.

  4. ok, gettin a key made by a lock smith, not gonna work, cars now cant be made at a locksmith. + u said, its an expensive car, not gonna be easy, you could be charged with breaking and entering or sumthin

    2. as u know, banks go after the cosigner, that's the law

    3. the person who wrote bank may find another co-signer, what fool, idiot is gonna co-sign if she is late, and putting this nice lady thru this c**p -- get real, ain't gonna happen

  5. First off, I'm so sorry to hear that!

    Technically, there is no way you can get out of this loan...

    Also, you can contact the police, becuase you are co-owner on that car, that car is yours too.  You should be able to take control of it...

    Your best bet is to contact the finance company, and talk to them, tell them that your friend will not give you the car.

    But, unfortanately, they will say, that you are responsible if she can not make the payments!  I suggest you get a lawyer!

    Sorry again.

  6. Try to get it repoed.............your screwed........did you learn your lesson............

  7. If you are merely the co-signer, and not on the title, then you can't sell the car.  If you got a key and drove off, you would be stealing the car.  They don't have to fight with the original borrower.  If a payment is missed, they can go to whoever is easiest to collect from.  You gave them permission to do this when you co-signed.

    You can't get out of it except by paying off the loan.  That's the whole point of having a cosigner.

  8. Maxmom is totally correct. You are 100% responsible for this loan, unfortunately. If you want to protect your credit rating, you need to make the payments. You are over a barrell here. You don't own the car, but you are on the hook for the loan. If anything, I would call the bank directly (don't avoid them). Get in touch with those collecting for the company and help them identify the location they can repossess the vehicle. If the car is worth more than what is owed you can get them off your back. If not, and your credit is critical to you (which it should be if you want to buy a home or car) you may want to pay the difference.

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