Legal Question in Bankruptcy in Missouri

Co-signer credit issues

In June, I helped a suppposed friend by co-signing for an auto loan for a used pick-up, after they begged and PROMISED they'd make all the payments, and on time.

They have been late on every payment but one. I get the calls about late payments because I'm listed as the primary borrower, even though I tell them to call the co-signer. This month, my ''friend'' has been over 15 days late and when I told him about it a couple days ago, he said he had to resend the payment because they say they didn't get it.

He has already filed bankruptcy a few years ago, the reason he needed help getting a co-signer. He won't just simply sell the truck, and I doubt anyone is going to help him refinance it by co-signing again.

I am afraid he is going to move, and if he stops payment, I'll have no idea where he has gone and neither will the finance company to repossess the vehicle should they come for it.

Is there any legal means to remove my name from the loan? I can not make his payments each month!


Asked on 11/18/02, 4:38 pm

1 Answer from Attorneys
James Rupper Powell, Brewer & Reddick

Re: Co-signer credit issues

Without the consent of the creditor, no. Unfortunately, a co-sigener is liable for the debt the same as the other borrower. You may want to surrender the vehicle to the creditor. This of course will make your "supposed" friend angry. If you do so, make sure that you obtain a release from the debt from the creditor at the time of surrender, otherwise you will owe the deficiency. Good luck.

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Answered on 11/19/02, 6:03 pm


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