SavingsTalk.com

Max · 10-31-2007, 02:18 PM

Yes ...the cosigner can only be taken off it the loan is done over....
Or until the loan is paid off.....wow i would hate to be him

Alex3 · 10-31-2007, 02:18 PM

That's a sticky situation, but everything I know about that is if you sign...you pay...I speak from personal experience...I made the mistake of cosigning for my ex.

Max · 10-31-2007, 02:18 PM

He's screwed.

Alex3 · 10-31-2007, 02:18 PM

He need to talk to the company and ask what he needs to do. Or go up to her a kick her ass.

Max · 10-31-2007, 02:18 PM

I do believe that he would be still responsible b/c the legal agreement at the time of the loan. If the woman goes default even though she is married the impact would be on him because he signed saying that he understood and would possibly take the financial hit. But if he gets her to refinance then the status can be updated and he can be released from the original binding contract.

jpgMaster · 10-31-2007, 02:18 PM

He should sue her in small claims court to force her to refinance the vehicle. He could try contacting the loan company and talk to them about his options. As long as his name is on the vehicle and loan he is liable, and the company can chase after him or her, their choice. So he needs to get off the loan and title. He needs records of the payments he has made and should sue her for them, also. He must act, doing nothing sucks him in deeper.

The subsequent marriage of either party doesn't negate the debt nor make the new marriage partner necessarily liable. However, when filing taxes there is a provision called innocent spouse and injured spouse, which allows you to file a joint return with your spouse (99% of the time best way to file) without getting hit for their liabilities prior to your marriage--school loans, etc.

highlander · 10-31-2007, 02:18 PM

Yes he is responsible, but I think that if he pays it, then he can repossess the car. You may want to verify that last part with an attorney. If that's the case, then I'd take possession of the car or at least take her to small claims court and sue.

You are not responsible for the debt.

detox · 10-31-2007, 02:18 PM

I am not a lawyer, don't claim to know the actual letter of the law, but by cosigning a loan what you agree to do is to take on the debt should the other fail to pay. That is why they need a cosigner...their credit alone is not good enough and the company loaning the money wants a guarantee they will get their money. If there are only two names on the loan, those are the two they will go for. As for after that, I am not sure...I would think that would depend on the state laws and you would have to consult an attorney in your state. I have heard of cases where the ex-spouse has been held liable, but a future spouse? Just don't know. As for garnishment, if they can prove that they have a legal right to the money, and a judge signs off on it, then yes, they can garnish wages. But, again, that can vary from state to state, I think.

alien · 10-31-2007, 02:18 PM

Learn the lesson and learn it well. Your bf needs to talk to his ex gf if some amicable settlement is possible between them. Otherwise, he needs to seek legal mind so he can institute recourse from the ex gf.

alien · 10-31-2007, 02:18 PM

Yes.

10-31-2007, 02:18 PM	#11
Max Piggy Bank Join Date: Jul 2006 Posts: 67 Rep Power: 6	Is a cosigner on a loan still still responsible for payments if main account holder marries? Yes ...the cosigner can only be taken off it the loan is done over.... Or until the loan is paid off.....wow i would hate to be him

10-31-2007, 02:18 PM	#12
Alex3 Piggy Bank Join Date: Jul 2006 Posts: 80 Rep Power: 6	Is a cosigner on a loan still still responsible for payments if main account holder marries? That's a sticky situation, but everything I know about that is if you sign...you pay...I speak from personal experience...I made the mistake of cosigning for my ex.

10-31-2007, 02:18 PM	#13
Max Piggy Bank Join Date: Jul 2006 Posts: 67 Rep Power: 6	Is a cosigner on a loan still still responsible for payments if main account holder marries? He's screwed.

10-31-2007, 02:18 PM	#14
Alex3 Piggy Bank Join Date: Jul 2006 Posts: 80 Rep Power: 6	Is a cosigner on a loan still still responsible for payments if main account holder marries? He need to talk to the company and ask what he needs to do. Or go up to her a kick her ass.

10-31-2007, 02:18 PM	#15
Max Piggy Bank Join Date: Jul 2006 Posts: 67 Rep Power: 6	Is a cosigner on a loan still still responsible for payments if main account holder marries? I do believe that he would be still responsible b/c the legal agreement at the time of the loan. If the woman goes default even though she is married the impact would be on him because he signed saying that he understood and would possibly take the financial hit. But if he gets her to refinance then the status can be updated and he can be released from the original binding contract.

10-31-2007, 02:18 PM	#16
jpgMaster Greenhorn Join Date: Jul 2006 Posts: 33 Rep Power: 6	Is a cosigner on a loan still still responsible for payments if main account holder marries? He should sue her in small claims court to force her to refinance the vehicle. He could try contacting the loan company and talk to them about his options. As long as his name is on the vehicle and loan he is liable, and the company can chase after him or her, their choice. So he needs to get off the loan and title. He needs records of the payments he has made and should sue her for them, also. He must act, doing nothing sucks him in deeper. The subsequent marriage of either party doesn't negate the debt nor make the new marriage partner necessarily liable. However, when filing taxes there is a provision called innocent spouse and injured spouse, which allows you to file a joint return with your spouse (99% of the time best way to file) without getting hit for their liabilities prior to your marriage--school loans, etc.

10-31-2007, 02:18 PM	#17
highlander Greenhorn Join Date: Jul 2006 Posts: 32 Rep Power: 6	Is a cosigner on a loan still still responsible for payments if main account holder marries? Yes he is responsible, but I think that if he pays it, then he can repossess the car. You may want to verify that last part with an attorney. If that's the case, then I'd take possession of the car or at least take her to small claims court and sue. You are not responsible for the debt.

10-31-2007, 02:18 PM	#18
detox Savings Advisor Join Date: Jul 2006 Posts: 109 Rep Power: 6	Is a cosigner on a loan still still responsible for payments if main account holder marries? I am not a lawyer, don't claim to know the actual letter of the law, but by cosigning a loan what you agree to do is to take on the debt should the other fail to pay. That is why they need a cosigner...their credit alone is not good enough and the company loaning the money wants a guarantee they will get their money. If there are only two names on the loan, those are the two they will go for. As for after that, I am not sure...I would think that would depend on the state laws and you would have to consult an attorney in your state. I have heard of cases where the ex-spouse has been held liable, but a future spouse? Just don't know. As for garnishment, if they can prove that they have a legal right to the money, and a judge signs off on it, then yes, they can garnish wages. But, again, that can vary from state to state, I think.

10-31-2007, 02:18 PM	#19
alien Piggy Bank Join Date: Jul 2006 Posts: 63 Rep Power: 6	Is a cosigner on a loan still still responsible for payments if main account holder marries? Learn the lesson and learn it well. Your bf needs to talk to his ex gf if some amicable settlement is possible between them. Otherwise, he needs to seek legal mind so he can institute recourse from the ex gf.

SavingsTalk.com

Your guide to saving money and making smart investments!