Legal Question in Civil Litigation in Pennsylvania

Co-signed for auto loan want out of.

In 2000, I co-signed for an automobile loan to help a roomate. She was supposed to have it out of my name in 6 months, well it has been 3 years. Now my credit score has gone from 704 to a 551, and she has been late 2 times on the payments. I have given ''her'' a notorized limited power of attorney to get the car out of my life and she did not do it. nothing else on my credit is bad, because of her and only her I can not get the car of my dreams, or any house,well not ones with intrest rates not in the teens, so in that respect, I have no peace of mind. Please tell me is there anything legally that I can possibly do to either force her to refinance, or to take the car(which is in philly PA), to sell. I can't believe that one favor I did has caused me to lose so much. Thank-you--name removed--annico


Asked on 7/20/03, 10:27 pm

1 Answer from Attorneys
Blair Lane, Sr Earp Cohn, P.C.

Re: Co-signed for auto loan want out of.

Co-Signing a Car Loan

Once you co-sign any type of loan you are guaranteeing the payment of the loan if it is not paid. If the loan is not paid or payments are late, it may effect your credit. What is worse is if you make payments and you are not named as an additional purchaser, once the loan is paid off you usually will not have any ownership rights in the property. The only way to get you out is to have the car/loan company take you off, which they usually will not do, or have the other person pay off the car.

Blair C. Lane, Sr., Esquire, is admitted to practice law in the State of New Jersey and the

Commonwealth of Pennsylvania. The information contained in this response is intended to

provide general information regarding a general legal question. This information contained in the

response is not to be construed as legal advice and you should not rely upon any information as

legal advice. Legal advice can only be obtained through a complete consultation with my office

or an attorney admitted to practice law in your State. Any information obtained through this

response should not be deemed to create any attorney/client relationship.

The law office of Blair C. Lane, Sr., provides �Personal - Professional� Legal Services for

clients through out New Jersey and Pennsylvania with a diversified litigation practice, consisting

of assisting clients and their families with various legal matters such as Serious Personal Injury

Cases, (such as auto accidents, brain injury cases, dog bite cases, product liability cases, wrongful death cases & slip & fall cases), Workers� Compensation Cases, Real Estate Matters, (buying or selling a home), Traffic-Municipal Court Cases, (traffic tickets, drunk driving etc.), Estate Planning, (consisting of preparation of wills, trusts and living wills) Employment

matters-litigation, contract disputes, corporate/business matters, as well as many other areas of

the law to meet the needs of his clients.

The office is located minutes from Philadelphia in Cherry Hill, New Jersey and is

conveniently located to the New Jersey Turnpike, NJ Route 295, NJ Route 70, The Atlantic City

Expressway, Garden State Parkway and the Ben Franklin and Walt Whitman bridges.

Blair C. Lane, Sr. Attorney at Law

Two Split Rock Drive

Suite 5

Cherry Hill, NJ 08003

Telephone: 856-489-4353

Facsimile: 856-489-4363

Read more
Answered on 7/24/03, 10:27 am


Related Questions & Answers

More General Civil Litigation questions and answers in Pennsylvania