Consumer Law, Warranties cosigner

[nellie41]

I just found out my son, age 20, recently cosigned for a car loan for a friend of a friend. It has been longer than the 5 day backout period given with contracts. I found out because they both used my address as their place of residence which my son moved out several months ago and the person who has the car has never been to my house. I am getting all the mail, payment coupons, etc. Is there anyway to get him off the loan or how should we proceed?

 

[Michael Wechsler]

You've got a problem here - there is likely little reason why the lender would simply allow your son to leave without someone else being a guarantor. Their rationale is that if the primary purchaser defaults, they loaned the money because they could hang the debt on your son. This was a very bad decision and the only potential remedies are to deal with the purchaser directly (and perhaps have his parents become guarantors) or look at the agreement and hope somehow there is a loophole (and there usually isn't.) Why are these payment coupons coming to you?