QUESTION
I got a car loan for a family member. I no longer want responsibility for the loan what can I do
Asked on Sep 29th, 2017 on Civil Litigation - Colorado
More details to this question:
In dec I helped my mom out and got her a car because the one she originally had she lost. I have the loan and registration in my name. We both have made payments. However things at the house are turning around for the worst. I’m worried about her screwing up my credit, buy not paying in the future. I was told by the police that since she made payments she can claim the cars hers and keep it, even though she’s not the loan holder. What can I do. I do not want to be responsible for this auto loan.
1 ANSWER
Short of your mom voluntarily agreeing, and having the ability, to refinance the car on her own, or with someone else, or agreeing to sell the car and have the new owner refinance, I see no way for you to avoid responsibility for the loan for which you contracted. Unfortunately, since you admit that you "got her a car", not that you got one for yourself and simply allowed her to use it, or lease it, by making payments, you don't seem to have a claim for ownership of the car at this point. Presumably you intended your mother to pay the loan. If she doesn't, you can sue her for the money you spend paying the loan and, if she is unable to pay the resulting judgment, may be able to force the sale of the car.
Answered on Sep 29th, 2017 at 9:48 AM