Rights of a cosigner on a car loan

diego231 · Jun 24, 2006

I am the cosigner on a car loan, remaining balance is approx. 12k. The primary barrower has made continuous and prompt payments for the entire duration of the loan. My issue is this, I am purchasing a home. I have 2 other properties, and my debt to income ratio starting to become unbalanced, in the eyes of lending institutions. In order to improve my debt/income ratio i want to draw up an affidavit stating that the primary barrower is fully responsible for the remaining payments. How do this? any help is appreciated!

Michael Wechsler · Aug 10, 2006

diego231 said:

I am the cosigner on a car loan, remaining balance is approx. 12k. The primary barrower has made continuous and prompt payments for the entire duration of the loan. My issue is this, I am purchasing a home. I have 2 other properties, and my debt to income ratio starting to become unbalanced, in the eyes of lending institutions. In order to improve my debt/income ratio i want to draw up an affidavit stating that the primary barrower is fully responsible for the remaining payments. How do this? any help is appreciated!
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The primary borrower is fully responsible for the remaining payments whether or not you draw up an affidavit. You are also fully responsible as well of the borrower fails to make them and, unless there is something to which I am unaware, that is the issue that you are dealing with. Perhaps you wish to substitute someone else in your place as a guarantor?

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Rights of a cosigner on a car loan

diego231 Law Topic Starter New Member

Michael Wechsler Administrator Staff Member

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