Maryland | Credit and Debt Law
Legal Question
Refinancing a car
My sister and I are the joint loan holders on a car, she's the primary signee, I'm the secondary. The bank contract lists each of us as a co-owner. We've had this car since August of '03, and she is now behind in her car payments, and the bank is asking me for money. Last time I spoke to her, she wanted me to refinance the vehicle in my name only in order to take her name off of the loan. Although she says that she'll give me the car, I don't think she will. I know she's not going to make the payments on it, so I don't want to take the chance of putting my name on a refinanced loan and then have her not make payments. My credit alone is not strong enough to refinance the car on my own. Since she is not making payments and the bank is asking me for the money, can I have the car repossessed? If I can, and that happens, what will happen then in regards to my credit?
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