Legal Question in Credit and Debt Law in Maryland

Can one borrower change the terms on a joint loan?

I bought a vehicle two years ago with my former significant other. We both signed the loan and we are both titled on the vehicle. When we separated, we each signed an agreement that he will make each monthly payment in full & on time or I can take possession of the car. I realize that our personal agreement does not change my liability on the loan with the automobile finance company. Recently, my ex requested an extension on the loan from the finance company, which will change the payoff date. I do not want this extension, but the finance company says I do not have to agree to it, only one signature is required. Do I have any legal recourse?


Asked on 10/17/03, 11:57 am

1 Answer from Attorneys
G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

Re: Can one borrower change the terms on a joint loan?

The lender in question is entitled to recover from you to the extent that you signed on the note. If you signed joint and several then they can collect against you for the last penny if they so choose. Conveyance of the property does not absolve your responsibility for payment. I assume that your estranged spouse is bound both joint and several. Property settlement and other matters stand between you and your spouse. You may need a divorce attorney contact me at (410) 799-9002.

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Answered on 10/20/03, 9:59 pm


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