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What can a cosigner do to get released from a car sale contract?

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2016-02-22 22:55:23
2016-02-22 22:55:23

In most cases the co-signer will not be released since they guaranteed that the loan would be paid if the primary borrower, who was a credit risk, failed to pay. Generally, the loan must be refinanced to remove one of the makers and that requires that the primary borrower's credit has improved enough to allow them to qualify without a co-signer.

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2009-05-31 19:55:45
2009-05-31 19:55:45

You do not have to go through a different lender. Many lending institutions have a program called "release of responsibility". They will require that you apply with them and will make sure that you are credit worthy and budget for the payment. If you do not qualify, you may want to try to re-finance with a different lender.

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Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.

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According to the law, a cosigner signs for someone else that they think might not pay off the load. The cosigner signs a contract agreeing to pay the loan off if the other person does not. He can be solely responsible becase he signs a contract promising to do so.

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cant , once the cosigner has signed that contract its legal and will remain that way unlesssss you wait till the final of the repo and they have sold the car and are trying to collect a balance from you then you file bancrupcy

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With your good credit you sign a contract to pay off the loan if the original borrower defaults.

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In this state there is a 3 day period during which the contract can be cancelled.


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