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Recent News and Articles on the Keywords: you + cosign + 0.23  Related to the article below (Last Update: 8/4/2008)

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You take a risk when you co-sign

I co-signed a car loan for my sister-in-law. She is the co-buyer. My sister-in-law has been late on payments and hasn't been keeping the car insured. I want my name off of this car loan contract. Help!
-- Shari Signatory

Article continues below and (thank you)

Dear Shari,
Getting your name off the note isn't easy. Short of selling the car, refinancing the note is the only way to get out from under the financial obligations you've taken on as co-signer. Having your sister-in-law refinance the car isn't a very realistic option if she didn't qualify on her own when she bought the car and has since been late on payments, but a lender that deals with problem credits might be willing to refinance the car without your signature.

The problem with co-signing is that if she's late on the payments, then you're late on the payments. The payment history shows up on your credit report, too. You may be able to log on to the lender's Web site to track the loan payments online to monitor how she's making the payments each month.

I asked an attorney to help me understand your risk exposure concerning your sister-in-law not carrying insurance on the vehicle. His comments matched my own understanding of the issue -- namely, if you're listed as an owner on the car's title then you're at risk. (Applicable laws can vary by state.)

Since a co-signer isn't always named on the title, you'll want to review the title document. Even if you're not on the title, if she totals the car and doesn't carry insurance, you're still stuck with the loan payments. It's also typical for a car loan to require insurance during the loan term, so even if she's not violating the law by not carrying insurance (unlikely), she is likely to be in technical default of the loan agreement.

You don't want late payments, or worse yet, a repossession, on your credit report. Don't ignore your responsibilities as co-signer. The FTC Facts for Consumers guide, "Cosigning a Loan," has additional information on this topic.

Thanks and a tip of the hat to Kirk Friedland Esq., for his help in answering this reader's question.