Legal Question in Credit and Debt Law in Wisconsin
Co-signer of purchase
my daughter co-signed a car loan for her ex-boyfriend in Aug. They are no longer together and she wants to be taken off the paperwork. He is not following thru with this. He has not made a payment since oct. this will affect her credit. what can she do?
1 Answer from Attorneys
Auto Loan Co-signer Rights
The only way for a cosigner to protect their credit following a default by the primary borrower is for the cosigner to make the payments. The cosigner can, however, recoup amounts paid by suing the primary debtor. The co-signer can also sue the debtor to take possession of the collateral after a default. If the debtor cannot be located or is without funds, however, some of these rights can turn out to be worthless. The moral of the story, of course, is not to cosign for anyone if you are not willing to take over the payments.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
