Legal Question in Credit and Debt Law in California

I recently discovered that my wife cosigned an auto loan for her �best friend� without my knowledge. This occurred approximately two months ago. The loan was cosigned under duress. The friend had asked me and I had refused, so without my knowledge she pressured my wife for about a week and a half by crying that she would lose her job, would go bankrupt, threatening her with ending their friendship, etc� My wife has been under the care of a psychiatrist for a few years due to depression and severe anxiety attacks. The friend knew this and new exactly how to manipulate her, and also had a history of being physically and emotionally threatening and abusive.
Recently, her mother and I intervened and convinced her to put an end to this abusive relationship, which she has done. It was then that she confessed to cosigning the loan. I understand that a contract is a contract and that we may not be able to extricate ourselves from being responsible for this woman�s auto loan (she�s had two bankruptcies in five years, and recently took out a line of credit to get cosmetic surgery which makes me think she�ll be defaulting in the future).
Do my wife and I have any legal options in this case? Can we get off of the loan or force the return or refinancing of the car? The woman recently got married and I�ve asked her new husband to refinance with himself on the loan but he has yet to respond or acknowledge my request.

Asked on 8/30/10, 1:24 pm

Joe Marman Law Office of Joseph Marman

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You would have a snow ball's chance in hell of reversing the contract based on duress.

Answered on 9/05/10, 9:44 am

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