Legal Question in Credit and Debt Law in Pennsylvania

Auto Loan Cosigner

I have cosigned for an auto loan. I do not use the vehicle nor make payments on either it or the insurance. It is registered in the state of Pennsylvania under both my name and the cobuyer. However, the cobuyer cannot afford both the insurance and the car payments, thus she either drives without insurance or doesn't make the payments. She cannot find another cosigner and cannot refinance under her own name (she simply doesn't make enough money). So, what can I do to either get the vehicle out of my name, have the payments lowered, or return the vehicle with as minimal damage to my credit as possible? Or am I missing something else? Any options and suggestions are welcomed.


Asked on 10/12/07, 4:54 pm

1 Answer from Attorneys
John Gibson John W. Gibson, Esquire

Re: Auto Loan Cosigner

You may want to consider refinancing and selling the vehicle to her over time with a lower monthly payment. That may be your best option especially if the vehicle is in real good shape.

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Answered on 10/20/07, 2:11 pm


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