Legal Question in Consumer Law in Washington
Car loan co-signer wants to back out
If a co-signer on a car loan wants to back out of the contract because he no longer wants to support the car owner, can he do this without a penalty?
Asked on 4/29/07, 1:25 pm
1 Answer from Attorneys
Elizabeth Powell
ELizabeth Powell PS Inc
Re: Car loan co-signer wants to back out
Very likely no. The co signer is obligated on the loan and has the same duties and responsibilities towards the creditor as the signer.
Backing out could result in a lawsuit and judgment and would likely be reported to the credit agencies.
Hope this helps you sort it out. Elizabeth Powell
Answered on 4/29/07, 1:34 pm
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