"How can I get out of a cosigned car loan? "

"I cosigned on a car loan for a friend that I thought I could trust, but as it turns out he is really bad at making financial decisions. He pays late all the time and it is killing my credit. I tried to talk to him about it and he got really mad and defensive. Is there some way I can get my name off the loan without his cooperation?"

Answer
“Yes there is a way to get your name off the car loan, but it will cost you some money up front, and probably a friend. Even though he doesn’t seem to be respecting you at the moment, it still hurts to lose a relationship.
The first thing you need to do is to pay off that loan while you collect all the evidence you can that he was defaulting on the loan. Once the loan is paid off, you should sue him for not upholding his end of the deal.
You may also be able to sue him before paying off the car loan, but either way, you should definitely seek legal advice from a qualified lawyer.”
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Johnny Puckett
Answered on Jul 26, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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