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?
1 ANSWER
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