Hi,
I have a question about a vehicle loan taken out by my grandmother and cosigned for by my aunt. My grandmother is on hospice care and is living with me now, the loan is outstanding for 17k and her life insurance will not come close to this. My aunt has been making habitual late payments on the vehicle and is still in possession of it. I am wondering if there is a way to transfer all responsibilities to my aunt with her poor credit, or any other solutions you could offer me.
Thank you,
Josh
1 Answer from Attorneys
Josh,
The likely reason the loan needed to be cosigned was because your grandmother could not afford it on her own. The bank wanted be to sure they could collect in case of a default, so your aunt was brought in to ensure the bank could recover. But if your aunt has poor credit, they are not going to allow her to take full responsibility.
You will probably need someone else to guarantee the loan.
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