This isnt necessary a legal question but Im hoping I can get some advice. My daughter took a $40000 loan out for a truck with herself as the primary and her boyfriend (8 years) as the co-signer. Both names are on the title. They are breaking up and neither wants or can afford to keep the truck. She has called the loan company and they of course have told her there is nothing that can be done until the truck is paid off. The boyfriend doesnt care about his credit so he is fine just walking away and leaving her with a truck she cannot afford to even make to payments on .I realize that she is not going to walk without losing some money but she wants to try and keep her credit from being affected and losing as little money in the process. They are in Colorado. What are her options? Thank you.
1 Answer from Attorneys
The way to lose the least money is to find a buyer for the truck and to pay the difference between the value a private party will pay and the amount owed. The only other solution that will not hurt her credit is to keep the truck and keep the payments current.