North Carolina  |  Credit and Debt Law

Legal Question

Asked on: 6/03/99, 4:45 pm

cosigning on a loan

I had cosigned on a car loan for my son. He couldn't make the payments, so I had an individual take over the payments for the car. Crown Capital Financing did the financing, but what I didn't know is that I still am on the loan, along with my son. The person (I don't know him) that took over the payments, filled out a credit application and got approved. At no time was I informed that I still was going to be on the loan. I spoke with the Assistant Manager at Crown Capital and he told me his company was not licensed to take over a loan and not continue to have the previous person on the loan as cosigner. My problem is - I need this off of my credit - also, I was never told I would continue to be on this loan as cosigner. Can you offer advice?

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