Legal Question in Consumer Law in Massachusetts

I am the primary owner on a car I bought with my ex. He is the co-signer. He has had the car and made payments for the past 3 years since the break up. The loan remains in my name. He claims he can not refinance due to bad credit. What can I do to get my name off this loan? The bank said the only option is for him to refinance which he wont do.


Asked on 7/05/12, 8:10 am

1 Answer from Attorneys
Christopher Vaughn-Martel Charles River Law Partners, LLC

Co-signing a debt is a serious matter, and it should be done extremely carefully and with an eye toward protecting the co-signer's credit. At this point, your friend will have to refinance the auto loan. As an alternative, you could pay off the loan for him in exchange for a promissory note, with interest. In other words, the loan would be paid off on your credit, and he would make all payments to you.

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Answered on 7/05/12, 8:40 am


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