Co-Signed for Car, now person returning the car (pay, credit, savings)

[darrell2525]

Hello,

So I co-signed for my mom car. Now mom is saying she can't afford the car note. She plans to stop paying the car note next month and return the car to me.

I really don't want to pay this car note, but I don't want to mess my credit score either.

Monday, I plan to call the car loan folks and get their input.

Any suggestions for me.

Thanks,

[Southern man]

Originally Posted by darrell2525

Hello,

So I co-signed for my mom car. Now mom is saying she can't afford the car note. She plans to stop paying the car note next month and return the car to me.

I really don't want to pay this car note, but I don't want to mess my credit score either.

Monday, I plan to call the car loan folks and get their input.

Any suggestions for me.

Thanks,

I suspect you have only two choices , drive and pay or sell and lose.

[ColdAilment]

Sounds like you didn't think this through.

You co-signed in case something like this happened, and now it is happening. Besides selling the car for a loss I don't think you have many options.

[Petunia 100]

Originally Posted by darrell2525

Hello,

So I co-signed for my mom car. Now mom is saying she can't afford the car note. She plans to stop paying the car note next month and return the car to me.

I really don't want to pay this car note, but I don't want to mess my credit score either.

Monday, I plan to call the car loan folks and get their input.

Any suggestions for me.

Thanks,

The lender knew she couldn't afford the car; that's why she needed a co-signer. The horse has left the barn on this one. But you can still learn from this mistake and never repeat it.

How much is the car worth vs. Its value? If you don't know, find out. The best option is probably to sell and cover any shortage with savings, or take some sort of personal loan.

[mathjak107]

never co-sign unless you are prepared to give it as a gift and pay for it

[darrell2525]

Thanks all. Looks like I got my answer. Even though I kinda of new it already. one of the upsides is my daughter will be driving soon, so maybe I give her the car.

[Quietude]

Originally Posted by darrell2525

Thanks all. Looks like I got my answer. Even though I kinda of new it already. one of the upsides is my daughter will be driving soon, so maybe I give her the car.

If you can afford it, it's probably the only win you have here.

Most co-signers can afford the loan, of course, but only in a technical sense. Actually having to take it on (plus the costs of something like car) can be a breaker. There are very, very good reasons to avoid getting financially tangled with friends and relatives - help them find another solution. Give them a much less expensive car as a gift, for example.

[flashlight]

will you get the title in your name ONLY ?

[rjm1cc]

Does your mother need to get another car? Might pay part of the note and let her keep the car and insurance expense.

[Electrician4you]

Originally Posted by darrell2525

Hello,

So I co-signed for my mom car. Now mom is saying she can't afford the car note. She plans to stop paying the car note next month and return the car to me.

I really don't want to pay this car note, but I don't want to mess my credit score either.

Monday, I plan to call the car loan folks and get their input.

Any suggestions for me.

Thanks,

Obviously never co-sign for anyone.

What I would do is see if the dealer is willing to buy it back for what is owed. If not you may have to try and sell it yourself even if you have to come up with cash to make the sale