Jay
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Pay off the loan and take the car back. Talk to the original creditor (the bank, lending institution, or finance company) and explain the situation. Unfortunately, her delinquency will ruin your credit.
You can take possession of the car, by going to court. Get a statement from the finance company, and your records of attempts to contact your niece. The judge will issue a "write of possesion" which will allow you to confiscate the car. In the meantime, you should make payments for the car, to preserve your credit score. After the writ of possession is awarded, you could try then recoup payments made by taking your niece to small claims court. However, if she has no money to pay, most likely the judgment will go on her credit report, and she will ignore that for 10 years, and then it will go away.
Patience, and you will get the car back. Even though it is frustrating to make payments for her, it will be worth it in the long run to preserve your credit. |
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rita_alabama
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That's the risk you take when you cosign. I don't know any way to get out of it. It can hurt your credit significantly if she doesn't pay. However, you might want to talk to the lender about your options. If she quits paying, you might be able to take posession of the car and make payments yourself. You'll still have to make payments but at least you'll have something to show for it :) Another option might be to sue her in civil court. The best advice would be to consult witn a lawyer to find out your options in the state you live in.
Hope this helps! |
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sexytrojan
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Everyone has given you great answers already (except for the spammer).
I just want to say that your niece SUCKS. I hope she gets what she deserves. You went out on the line for her. She sucks. |
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Bill
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This is what co-signing means. You're telling the bank "hey, I trust this person enough that I'm willing to step in and make the payments if she falls through."
How can you get out of it? Pay it off. You can't un-cosign for it.
Co-signing is bad juju. If a financial institution thinks someone is too much of a risk to lend money to, I'm certainly not going to disagree. Just say no. |
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Steam_Monkey
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Tough luck. You can't get out of a cosignment. Thats the whole purpose of co-signing in the first place. |
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COCO
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Pay it off; send a truck to repossess it and sell it .
this can really hurt your credit; we co-signed for our son;( we did not even know he was late) when the time came for us to buy a car;there was a red flag on our credit report;so my husband called to find out it was my son's doing; he was late 4 months; so we ended up paying. a good and expensive lesson to learn. been there. |
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me mo
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you really cant... sorry she has to get her own loan for the payoff on the car and then pay it off. or you could take it from her trade in that car and your car and get yourself something else. she gonna screw up your credit if you dont do something soon this can bring your credit down over 200 points. im an auto finance manager in ct. |
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Paula M
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You are implying that she is at least making payments......you should secretly send in a month's payment to have a cushion......every 3 months or so do it again.....that is the only way you can Protect your credit......be on top of it....
Maybe you can talk to the lender about keeping your payments secret so that she doesn't just stop paying all together....either way you'll have to pay......better a couple payments here and there than the entire loan and trashed credit. |
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John J
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You can't un cosign a person. The only solution to pay the loan off on-time so that you credit score doesn't go down and never co-sign for anybody again. |
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bunnydlh
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I would tell her to find a way to get loan and get car out of your name or sell the car. Other options may be to pay the payments on time yourself and have her give you the cash. |
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SKYDOGSLIM
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This can hurt your credit very bad. Every payment she makes late affects your credit rating also because you are on the loan with her. Cosigners have equal responsibility. If possible get the car out of your name and into hers alone, even if she has to pay a higher interest rate, then it will not have any effect on you. Good luck. |
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mysteryousmtz
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The best thing that I can tell you to do is to make her pay her payments on time because it is going to hurt your credit bad and if she is still paying for the payments late tell her that you are going to take the car away from her because in reality the car is yours because it's under your name. I know this because I work in a car dealership. I hope that this helps you... Good Luck and God Bless |
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iltmaemc
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if you want legal advise go to a lawyer. it will cost you dearly.
Sell the car. and pay off the loan. and you are done. |
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SharpGuy
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Cosigning is a no-no. The best intentions seems to have a way of reversing. Basically, you can just pretend that you didn't cosign the loan. Pretend that you are the sole debtor on the loan and your credit and credit collection practices will be on you, and you alone. Because thats how the credit company will play it out.
Click the link below for info about co-sign from FTC website. |
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?
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it can hurt your credit badly, pay off the loan or get her to do it |
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alinesitoe
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Even though you really don't have to, give her a warning first that she'd better clean up her act. If she doesn't, take the car back, pay it off, then sell it. If you sell it, then at least it's not a complete loss. |
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tomkat1528
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guess the only thing to do is pay the loan off yourself
that is what you guaranteed when you co-signed
in retrospect - now you see why her credit was so bad
so sorry - |
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makeitright
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It can hurt it a lot. If you can pay for the car yourself, and have the title transferred in your name, you will be better off.
Best advice: contact the company that you used to co-sign for this and ask them for help. You may have to go through several people before you get the right person. Keep asking for the manager.
You are stuck otherwise. This happened to me with my own son. The car was paid off but still showed on my credit. I had to go through a process to eliminate this from my credit in order to buy a home.
Best of luck to you. |
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