What to do if I co-signed for a car 7 years ago and I’m now stuck trying to make the payments in order to save my credit?

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What to do if I co-signed for a car 7 years ago and I’m now stuck trying to make the payments in order to save my credit?

The guy who is the main owner cannot pay. There’s only $6K balance left and I plan to just pay it off because I am trying to buy a house; it’s completely messing up but the deal I want with him is that he transfers title to me so that I can sell the car myself. What is the right way to proceed with this kind of situation? Have him sign something first agreeing to transfer it to me?

Asked on October 15, 2012 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The best way to get the matter resolved after you have paid off the loan that you cosigned for is to get title to the vehicle, sell it and then have the person who actually owned the car pay you any difference owed plus accrued interest.

Having a contract stating the above signed by both of you is also a wise idea as well.


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