Do I have any legal recourse to back out of a signed car lease or apartment lease if I signed for my father and he is failing to make payments?

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Do I have any legal recourse to back out of a signed car lease or apartment lease if I signed for my father and he is failing to make payments?

I signed for my father in good faith to lease an apartment and car; he has missed many payments on both. I want to terminate the leases because I regret signing them. Do I have any legal courses of action? Or is it best to try and work it out with my father? I have considered selling the car and leasing the apartment but I want to just end the contracts.

Asked on December 28, 2011 under Bankruptcy Law, New Jersey

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you co-signed two separate leases for your father (apartment and car) you are ultimately responsible for the monthly payments upon them assuming he defaults on the loan agreement where he is the person who is primarily responsible.

If that happens, then the lenders can go after you from a contractual perspective for payment. I suggest that you immediately consult with your father about this serious situation where he is not making the payments and ways to resolve.

If you make the payments for him, he would be obligated to reimburse you under an implied in law agreement to do so.

I see no way for you to get out of the agreements that you signed as a co-obligor unless you signed them when you were a minor (under the age of 18). If so, then the agreements that you signed might be voidable. I recommend that you consult with an attorney that does contract law about your situation.


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