QUESTION

Help getting out of a co-sign auto agreement

Asked on Apr 11th, 2018 on Breach of Contract - South Carolina
More details to this question:
What if I co-signed for a friend to purchase a vehicle and the day after feel that the person is unreliable and want out as a co-signer? Is there anyway I could get out and let the person be responsible alone?
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1 ANSWER

Appellate Practice Attorney serving New York, NY
If the bank or finance company was willing to loan the money to your friend alone, they would not have needed you to be a co-signer, so it is very doubtful that they will let you out voluntarily.  However, some states have statutes which allow people to back out of certain contracts within a short period of time (if you do so your friend probably will not get the loan).  You should contact your local consumer affiars agency to see if SC has such a statute covering this situation.  Hurry, because the period is generally around 3 days.
Answered on Apr 12th, 2018 at 2:40 PM

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