Legal Question in Credit and Debt Law in Kansas
My 83 yr.old mother cosigned a car loan or my daughter. When my daughter misses a payment, the loan company calls my mother. They say if she doesn't pay, it will reflect on her credit score. Just how much does this affect my moms credit score? Is there any way that my mom can get out of this loan?
Asked on 3/27/10, 6:14 am
1 Answer from Attorneys
Anthony Smith
LawSmith
AS far as her creditors and potential creditors go, your mother is treated just like your daughter. When she misses a a payment, it is as though your mother missed a payment. As far as getting yor mother off the loan, the creditor probbly required the gauranty to extend credit to your daughter, so they aren't likely to allow her out. Somone will have to pay the debt off or repalce yoru mother to get her off the loan.
Good luck
Answered on 4/02/10, 8:08 pm
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