I cosigned a car loan for my handicapped son, can i get off of the loan, I am now unemployed for almost a year.

The payments are all made on time, at least for now, they are a direct withdraw from his acct which his mom is the rep-payee. If she wouldnt watch , he would spend it all & not pay his bills. #1 who gives someone a credit card that only has 600 a month income????
This is ridiculous!
Now he recently opened a bunch of credit cards without our knowlege (he is 25) but can in no way handle money. He barely makes enough to make his car payment & insurance, We allow him to live here & feed him. I want off of this loan before he self destructs. Since I am not working, I cant afford it if he screws up. There is a fear he could do something stupid that will mess up his SSD, Then His mom & I will have that debt & frankly now we cant afford it! - Is this your question? Add additional information
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Answers (1)

Jeffrey B. Lampert

Jeffrey B. Lampert

Contributor Level 4
You can not force the lender to remove your name from the loan instrument, and they will not do it voluntarily. You should consider having your son get a new loan on the car--now, while his credit is still good--so that the loan with your note will be satisfied.
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