Legal Question in Credit and Debt Law in California

I co-signed for my nephew to get a car. He since then renegotiated the loan without my consent. He just renegotiated the length of the loan to lower the payment. Am I still responsible for the original loan since it was renegotiated without me?


Asked on 2/18/10, 6:34 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

You realize of course that by "lowering the payment" he may have increased the interest rate or other costs of the loan. Neither of you is the brightest bulb in the tulip patch, but I would be surprised if you will be held liable for more (or less) than the original amount.

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Answered on 2/23/10, 6:43 pm


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