Posted by Judith Whitcomb 4 years ago In:

Judith Whitcomb
Judith Whitcomb Asked:

Please help with vehicle!

I co-signed on a vehicle for my granddaughter over a yr. ago.  It was a stupid move on my part but at the time she and her husband had good jobs and I was sure they could handle it.  Since then he has left her and neither on have jobs.  They haave a 3 yr. old and a 1 yr. old.  The 1 yr. old has had health problems since birth and goes back and forth to a Jackson, MS hospital from Columbus, Ms.  The car payments are outragious; $525 a month, which I can't afford and she sure can't.  I am on SS and have a part time job with the town.  Please tell me what we might do to get thne payments down or get rid of the car.f  She traded in a car they hadn't had lone so naturally the balance went toward this car making the price horrible.  (I was dumb and didn't realize all this at the time.)  She still owes $25,000 on it.  It's a 2009 pathfinder.  Please help if you can.  Thank you.  Judy

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gary999
gary999 Answered:

Judy, I had the same problem with my daughter and her fiance and unfortunately the cosigner co-owns the car as you know. I told them that the first payment I had to make I would sell the car and unfortunately it did come to that. I did lose some money but I wasn't going to pay 500 per month so that's the best advice I have.

I understand there are responsibilities to small children here but that has to be their problem to solve. There's a difference between helping someone and doing it for them so draw the line now and make them assume their responsibilities. 

"I've heard you're a low down yankee liar!"
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LindaRuth
LindaRuth Answered:

I agree. You must sell the car. You might take a loss but it will be less of a loss than if you wait a year. The interest will keep adding up and you will lose more as time goes on.

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dp
dp Answered:

All I can quote are the laws applicable in my state.

Being a cosigner I am sure both names are on the title. That makes it impossible to sell unless you go thru small claims court and sue or get the required signatures from all concerned. The vehicle will be repossed if payments are not made. This may damage your credit standing but that may not be too bad if that is all that happens. Seek assistance thru Senior Citizens Groups. They may provide a lawyer for you.

For future consideration, Never lend money (or cosign) for a friend. Don't even talk about this with a relative. If their credit is bad enough that they need a cosignereven though they both have "good jobs" tells me a lot. I have told relatives and friends that if I cosigned with them they would have to put 99% as a down payment and finance the rest.  In easier way out but we all have to take drastic measures from time to time to save our own skins.

Sorry for not being of positive assistance and I wish you well.   dp

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