If my ex is defaulting on a car loan that I co-signed with her and gave her the down payment for, how do I get my name off?

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If my ex is defaulting on a car loan that I co-signed with her and gave her the down payment for, how do I get my name off?

We haven’t been together for 4 years and she has faulted on her car loan. I have never even been in the car. That car loan is the only bad mark on my credit and is preventing me from getting a house loan. Is there any way that I can get my name off her loan or do something else?

Asked on April 19, 2012 under Bankruptcy Law, New York

Answers:

Richard Southard / Law Office of Richard Southard

Answered 9 years ago | Contributor

When you agreed to be a co-signer, you agreed to pay the loan should the other person be unable or unwilling to do so.  You should speak to the ex about working something out to save both your credit.  Perhaps you can take ownership of the vehicle while you are making payments until your ex gets back on her feet.

Madan Ahluwalia / Ahluwalia Law P. C.

Answered 9 years ago | Contributor

Yikes!  Unfortunately, the definition of a co-signer is one who will pay in the event of default of the original signer. Beyond paying off the car, you don't really have any other option to save your credit.  And if she doesn't pay off the loan, you will probably be sued. 


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