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Cosigned on a car and need help.

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  • Cosigned on a car and need help.

    My nephew asked me to cosign on a car loan for him and his fiance. I was under the impression that they would be married. When the contract arrived, I was listed as the buyer and his fiance was listed as the cosigner. I called the finance company and was told that this was the only way they could purchase the car, due to the fact that neither had established sufficient credit. They had already sold their car, purchased the new car, and drove it home by the time the dealer called them to say that the finacing had not gone through. My nephew was concerned that they would be without a car, So I gave in and signed the contract, Stipulating that after 6 months they were to refinance the car without me. They agreed.

    That was about 3 months ago. Since then They have broken up and, although she has not missd any payments I would like to know my options, as he has told me they broke up because, among other things, she has started using drugs. I would appreciate any advice on what my options may be to get myself out of the contract. Thank you.
    John

  • #2
    Re: Cosigned on a car and need help.

    The lender has to agree to remove you and likely will not do so. Or you could force her to sell or refinance and even sue her if you can argue that the agreement was to have you involved only if they were together etc.

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