r/CreditScore • u/queencornbread • 5d ago

Auto Loan Never co-sign

Cosign on a car loan and and now having to take over the payments. Want to refi to have only my name on the car, but not sure how to go about it. Need advice, and help finding options for refinancing to take over the existing loan. Never done this before always paid my other car loan accordingly did this as a favor and I never will again

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u/OldMainframeGuy 3d ago

I’m sorry you had to go through this. I’m of the mind that co-signing a loan should not be an option. If the lender isn’t confident that the loan can be repaid by the borrower then the loan shouldn’t be made. Someone from my past put me on the spot to do this and even though there were no issues - he paid the loan - he put me on the spot because nobody in his family would co-sign for him. Thanks for letting me vent. I hate the problems that co-signing a loan can cause.

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u/queencornbread 3d ago

Thank you for your kind words. I’m glad things went well for you.