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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!

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Attorney answers (1)

Reputation Level 16
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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