Legal Question in Credit and Debt Law in New York
Co-Signing - Big Mistake
Two years ago I co-signed for a friend of mine- a car.
She cannot refinance because she has not done well on payments. How can I get out of it? What can I do?
Biggest mistake of all- I don't even own a car.
1 Answer from Attorneys
Re: Co-Signing - Big Mistake
Your comment was right on point...biggest mistake. You cannot get out of it. That's the whole point. If you could get out of it it wouldn't be much of an agreement. You could help out and bring her to current which might allow her to refinance...that would end your involvement and then you'd rely on her to pay you back. Its a risk, but now you're risking everything if she defaults...your on the hook. Better to risk a little now and save later...than risk all now and lose later.
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