Legal Question in Credit and Debt Law in Texas

Co-signers Responsibility

My wife recently co-signed an auto loan for a grandchild. When, if possible can she be removed from this responsibility? If she can what are the conditions? It has been about a year and payments have been all on time. I have been told that the lenders are required by law to alow removal if payments have been made on time for 12 months. Thank you and I appreciate any information you can provide.


Asked on 12/28/06, 12:21 pm

2 Answers from Attorneys
James Grissom Law Office of James P. Grissom

Re: Co-signers Responsibility

Your wife can be removed from this responsibility when the obligation is satisfied. No such law exists that she would be removed if payments are timely for 1 year. Sounds like you have a responsible grandchild. Heap praise upon this young person and encourage them to continue to make payments on time.

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Answered on 12/28/06, 12:32 pm
Peter Bradie Bradie, Bradie & Bradie

Re: Co-signers Responsibility

A co-signer remains liable so long as any part of the debt is outstanding.

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Answered on 12/28/06, 3:45 pm


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