Legal Question in Consumer Law in California

co-borrower on a loan

I am a co-borrower on an auto equity loan with 800LoanMart. My ex-fiancee' is the primary borrower. We broke up August, 2007. Is there any way I can get a release of liability as a co-borrower and be taken off the loan? I talked to the lender and they said no. I wonder what I can do?


Asked on 2/11/08, 3:39 pm

2 Answers from Attorneys
Roy Hoffman Law Offices of Roy A. Hoffman

Re: co-borrower on a loan

Unfortunately, if the lender refuses to allow your release, you are stuck with the loan.

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Answered on 2/11/08, 4:07 pm
Carl Starrett Law Offices of Carl H. Starrett II

Re: co-borrower on a loan

You have discovered one of the risks of being a co-signer on a loan. Although your ex might be the primary borrower, the lender relied on your explicity promise to repay the loan if your ex fails to do so. They are under no obligation to release you from the loan obligations.

Since the lender has already said they won't release you, the only way to accomplish this short of filing bankruptcy is to get your ex to refinance the debt. Unless that happens, you are stuck on the loan.

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Answered on 2/11/08, 4:40 pm


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