I'm the primary cosigner for a car loan and my husband is the cosigner. We always pay in time.?

(2011-03-25 14:30:10) 1. Gouri Dasi Says: Now we are separated and he has the car. I'm in CA and he is in MO. We still have a lot to pay. He wants to trade in the car and have the new vehicle only on his name. Will that action affect my credit?2. roger Says: your lien holder is probably not going to go for that, especially if your husband is upside down in the loan already (he would still have to pay the full balance due, but the dealer will run down and pay the principal off fast, and all the interest the dealer saves is profit, as your husband and you are still paying. The best way to do this, and probably the best way for you to get out from underneath as cosigner, is for your husband to pay the car down below what its worth, then sell it , and go pay it off in full. You can pay off the principal tomorrow as an example, and not owe several years interest.
Right now,as cosigner the lien holder will not let you off the hook, they want their money and a contract is a contract. good luck, you have a few options, but it takes a chunk of money to work it out successfully.3. whocares Says: Once your loan is paid off, it helps your credit and you would no longer be responsible for the new car payment.

He CANT buy a new car without paying the old one off concurrently.
Once you are off the loan, you wont get credit for him paying a new one off but the old one will show paid in full.4. deb.peg1 Says: It depends on how the car was registered and the terms of your separation. You can sign the car over to him through a change of title. Your attorney can make him responsible for the payments under a legal separation agreement.5. alfredb1979 Says: Your attorney can make him responsible for the payments under a legal separation agreement.
---

Don't fall for this. Lenders make a habit on NOT following these orders.6. SCOTDOM Says: If one does not pay after co-signing, they cn go after either one, good luck Tag: I'm the primary cosigner for a car loan and my husband is the cosigner. We always pay in time.?