is there any way to get out of a co sign ???

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simple story,, i co signed for my girlfriend to get a car 3 years ago because she had no credit, we were in a 8 year relationship,, it was her car, she used it,, i have my own,,anyways about 18 months ago she leaves me for another man,,she has been living with this man now for almost a year,,,shes also going to have his baby,,,I WISH THEM WELL BTW..i have a small credit card and a small mortgage,, so i go to the bank today to see about getting a line of credit for a home reno and even with a perfect credit score,,i get denyed for the loan,,i ask WHY??? and i am informed that the co sign goes on my credit report,,,MIGHT i add that my ex is making her payments on the car thank god,,but still,,i still cannot get a line of credit,,,i was told by the bank that ENCASE something happens,,as in the ex not making the payments i would have to make then,,said the banks don’t like this,,,if she didn’t make her payments i couldn’t handle the credit load,,,so this brings me to a number of questions,,,please answer

1<<>> the ex has the car,,paying for the car,,is with a new man,,moved 2000 miles away,,why does my life have to go on hold because of this???
2<<>> what happens if she dosent pay??? what am i going to do with a car 2000 miles away seeing i allready have 1???
3<<>>how come none of the bad points were explained to me at the car dealership when i co signed
4<<>>she has moved on with her life,,,why cant i????
5<<>> there is 4 years left on the car payments???this means i have to go another 4 years without beeing able to borrow any money????
6<<>>why is there no law what so ever on MY SIDE???
7<<>>what happens if she moves to IRAN???and never comes back to canada???for the next 30 years???do i still have to suffer the next 30 years???
8<<>>can you get out of a co sign???

what a amazing country we live in,,,man dates woman,,,woman leaves man for hollywood life,,,man gets kicked in the balls,,,woman lives life with not a care in the world????why should my fininacials have to suffer becasue i co signed 3 years ago for a evil woman,,i have never felt so POWERLESS in all my life,,its like my knocked up ex is bathing in the glory,,going on vacations with her new man,,and i cant borrow 5 grand for a new shitter,,,UNREAL,,,,,,



  1. Reply
    May 15, 2011 at 1:50 am

    The only advice that would have done you any good is what got you into this in the first place: Never co-sign a loan. Not even for your own children. Never co-sign a loan.

  2. Reply
    May 15, 2011 at 2:31 am

    You signed up to be the co-signer… I’m sure at the time you thought you’d be together forever and this wouldn’t be an issue. Unfortunately there’s not much you can do except try to resolve the situation with the EX or the auto finance company. With no problem on payments, perhaps the finance company will release you from the loan. If not, maybe the Ex will consider refinancing the loan or getting a new car with a new loan?

    Good luck!

  3. Reply
    ben l
    May 15, 2011 at 2:51 am

    if sh3e is making the car payments your story doesnt hold up. everything is based on credit score. if she is paying you get no trouble

  4. Reply
    Billy T.
    May 15, 2011 at 3:08 am

    I am a commercial lender so I think I can help you. Many people do not realize that when they co-sign a loan, they are not only putting up the quality of their credit to attest the character of the primary borrower, but agreeing to make payments should that person default. It is not something that you should take lightly. If it is a consumer loan, it will be reported on your credit. It will also affect your ability to borrow on your own as this will count against your own debt to income ratio. And if she is past due, down comes your credit score.

    Unfortunately, this is just like a divorce. The bank is not obligated to release you from liability of the debt just because of the new circumstances. Nor can a court order them to do such. You are stuck my friend.

    With that said, you can try to monitor her repayment to make sure she continues to pay as agreed. Letting the bank know the situation is good, but if she stops making payments and defaults, they will be looking for you next. At best, they repo the car and sale it for enough to pay off the loan. At worst, their is deficiency and they sue you for the balance due. Regardless, it is a bad black mark on your credit report.

  5. Reply
    May 15, 2011 at 3:37 am

    I can sympathize with your situation and why you feel it is unfair. Unfortunately, by co-signing in the first place you were agreeing to be responsible for the payments on the car regardless of weather your ex pays or the two of you stayed together.

    You do have a couple of options, but they depend on you talking to your ex and getting her cooperation.

    Usually, if you can provide proof that someone else is making the payments, then a lender will not include the payment in their debt to income calculations and that will solve the problem. To do this, you will have to talk to your ex, explain the situation, and ask her to provide you with the last 12 canceled checks (front and back!) or bank statements demonstrating that she makes the payments.

    The other alternative is to have her refinance the loan in her name only. That would likely cost her money, if she is able (or willing) to do it at all. This would be the best result for you, but I think it’s a lot less likely to happen.

    Talk to your lender and find out if providing the canceled checks solves the problem. If not, try a different bank / lender.

    Hope this helps.

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