Cosigned a car loan, can I get out of it?

J

joedor101

New member
I cosigned a car loan for a family member. They have stopped paying the monthly amount and I have to pay for it so I don't mess up my credit. Is there anything I can do to get out of the loan. I would like to repossess the car and sell it but I think I need the approval of the other person on the loan to do so. Any advice would be appreciated.
 
Once you co-sign, you’re fully liable. It’s like you signed for the car yourself. The lender doesn’t care who uses the car, only who signed the contract.
 
Repossession usually has to go through the lender, and unless you’re the primary borrower U likely can’t just take the car and sell it. Talk to a lawyer before doing anything drastic
 
I cosigned for my brother’s car 6 years ago. Worst financial decision of my life. You’re not alone, and it sucks. Hoping you can minimize the damage
 
If someone needs a cosigner, they’re already not a good credit risk. Harsh, but true. Learned that the hard way
 
Can you call the lender and ask if you can take over the car officially and then sell it? Or is that considered fraud?
 
Took my sister to court after she stopped paying. Judge ruled in my favor but I had to garnish her wages to get any money back
 
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