Legal Question in Credit and Debt Law in Texas

co-sign on an automobile purchase contract

I would like to find out possible options how to get out from a co-sign for an automobile purchase contract.

I wonder if bringing back the car ( 1 year old) to the dealer would be a solution. There was no problem with monthly payments, but the person who is driving the car stopped working, didn't improve the credit record and is about to move to another city and I am affraid that I will be left with the debt. I discuss the possibility of refinancing with the dealer and bank, but this person don't have any cash for down payment and no bank want's to take the risk of refinancing. I have a strong feeling that the described person will just dissapear and leave me with the contract but no car and no address to find it.

I need to act fast. Every suggestion would be appreciated, since I am not in the position to hire a lawyer right now.

Thank you very much

Janine

Your reply to my e-mail would be just fine...:)


Asked on 9/18/03, 7:49 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: co-sign on an automobile purchase contract

The short answer is that you can't get out from under a promise to pay that you've co-signed.

By co-signing, you've obligated yourself to pay the debt without regard to circumstances. The best you can then do is sue your co-signer for reimbursement, for whatever that's worth.

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Answered on 9/19/03, 10:15 am


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