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I was put as a second party on a vehicle loan because 1st party did not drive or have license. How can I be removed with out negative on credit one.  If foresaw the situation of him not making payments but now also he has passed. Help!! ASAP

Asked on May 6, 2009 under Estate Planning, Indiana

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

When you co-signed the loan papers, you agreed to make the payments if the first party did not. If the first party did not have a license, the car should have been put in your name as far as the title, as well.

You need to get control of the car, and to get in touch with the company that has the car loan (who is owed the payments right now, which is not always the company that made the loan to start with).  You need to know how much is still owed on the loan, and how much you can sell the car for, and work out something with the loan company if the loan is bigger than the value.  If the car isn't in your name, but is in the name of the (late) 1st party, you need to get his or her executor or estate administrator to go along with this.

If you want a lawyer's help with this, which isn't a bad idea at all, and you need to find one, you can do that at http://attorneypages.com


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