Cosigned a car loan, can I get out of it?

[joedor101]

I cosigned a car loan for a family member. They have stopped paying the monthly amount and I have to pay for it so I don't mess up my credit. Is there anything I can do to get out of the loan. I would like to repossess the car and sell it but I think I need the approval of the other person on the loan to do so. Any advice would be appreciated.

 

[Johnson JAY]

Once you co-sign, you’re fully liable. It’s like you signed for the car yourself. The lender doesn’t care who uses the car, only who signed the contract.

 

[alex 008]

Repossession usually has to go through the lender, and unless you’re the primary borrower U likely can’t just take the car and sell it. Talk to a lawyer before doing anything drastic

 

[Parker1985]

I cosigned for my brother’s car 6 years ago. Worst financial decision of my life. You’re not alone, and it sucks. Hoping you can minimize the damage

 

[Brown92]

If someone needs a cosigner, they’re already not a good credit risk. Harsh, but true. Learned that the hard way

 

[Samantha]

So if I am a cosigner and I pay off the car completely… do I get the title?

 

[Roberts]

Can you call the lender and ask if you can take over the car officially and then sell it? Or is that considered fraud?

 

[Daniel]

Took my sister to court after she stopped paying. Judge ruled in my favor but I had to garnish her wages to get any money back