I co signed for a car for a friend and hes not paying on time. its 30 and 60 days past due all the time. i never made a payment on this car. But i was told that im the head cosigner on this car. I askedmy friend to refinance it so i can get my name off if and he refuse to do so. but im gettting all the 50 calls a day. and i cant afford to pay for a car. what can i do?
2 Answers from Attorneys
When you co-signed for your friend you were letting the lender know that IF your friend did not keep up with the payments you would be responsible for making them. That's what a co-signer is. They actually can come after you just as if you were the actual signer. So, there is nothing you can do if your friend can't pay on time or at all. Next time REFUSE to co-sign for a friend.
Should you have to pay your remedy is against your friend.