Legal Question in Credit and Debt Law in Indiana

Car Loan

I am a co-signer on a auto loan.

The main person on the loan is failing to pay for the car. What should I do to keep this from hurting my credit and poss get out of the loan?

Asked on 12/11/08, 1:57 pm

1 Answer from Attorneys

C. David DuMond Law Offices of David DuMond

Re: Car Loan

No man repenteth so much as he who hath committed a good deed. Mark Twain's comment frequently applies to loan co-signers. There is no easy way out of your problem. The loan payments have to be made on time, or there could be an adverse report on your credit rating. So you might have to make the payments. This will give you a right to repayment or possession of the car, but you will probably need to go to court to get an order for the delinquent person to give you the car, assuming the person will not voluntarily relinquish it. You cannot get out of the loan until it is paid off (unless the lender agrees to release the only responsible person on the note.) Good luck.

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Answered on 12/11/08, 3:07 pm

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