Legal Question in Consumer Law in Texas
Co-sign issues
I co-signed for a car several years ago for my nephew. For the past few months he has failed to make a payment and I recieved a bill in the mail today. Is there any way to get my name off and make him 100 percent financially responsible, without any penalty for me? Thank you
1 Answer from Attorneys
Re: Co-sign issues
It is highly unlikely that the lienholder will release the only financially responsible person on the note. If the car is returned to the dealer as a repo -- voluntarily or forcibly -- you will still be responsible for the balance of the note, and the repo will reflect on both of your credit. You may want to talk to your nephew about selling the car. You may have to pay the balance to release the title, but at least it will not harm your credit like a repo. You might then have to sue your nephew for the remainder.
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