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Cosign payment field

taking legal discussion where he answers a viewers legal question right here on the air will welcome thank you you enjoying the holiday season so far absolutely starting to get into it and everything at the tree why don't ya you're above yeah you gotta go almost all shopping is done just one or two little things left I'll get around to it I hope alright let's check out this week's a question I co-signed on my ex's car when we were together but now we are split so what should I do is there a way to get my name off the loan and if not do I have any course of action if she doesn't make her payment so what say you will worship well okay it's a couple questions there so let's talk real quick about what's it mean when you sign on a loan when you co-sign a loan so normally so you go in you want to borrow money the banks either approves your a doesn't approve you so in a situation where there's a cosigner what's happened is the lender has said I don't want to loan them money yeah but I'll loan you money if you'll cosign so when you cosign for someone's loan what you're doing is you're saying I agree that with my resources and my financial backing that if they don't make good on that loan I will and that's an agreement between you and the lender you and the bank so as far as getting your name off that loan it's highly unlikely a banks gonna want to do that they only loan the money because you promised that you would repay that if the other person didn't it's more between you and the bank that is we you and the other person right it's not the other person's choice right it's the bank's choice or the lenders choice they're not gonna let you off the hook why should they cuz they need you there because they didn't they didn't think the other person was credit creditworthy wise enough if I can maybe make up a word to lend to them so that's why they had you cosign so what if the ex-wife went in and said you know we have split and I think the right thing to do is for me to just have my name on this car you can't guess what the bank would say but what might happen is I really don't think that's going to happen there's no reason for the bank to give up their security in that situation now what they could do is the person the primary person on the loan could go get another loan they could refinance that car and they could do that with the same Bank they can say hey I want to refinance this loan I want to this other person off as a cosigner as my credit good enough now and maybe if we've had several years of good payments we've improved our credit score that might be a situation where that would be a way if that person is willing to do that now in these Ex situations a lot of times why should I go to the trouble of doing something like that you know it's not affecting them so I you know I don't know but there's no way as a cosigner that you can force your name off you can't force your name off and that doesn't even speak to the question of liability what liability might be there for him full liability yeah that would be a huge concern I think that's maybe one thing that people don't understand a lot of times about co-signing loans whether it be for student loans home loans personal loans anything it's I think people have the idea that if you cosign for a loan you're just sort of saying hey this is a good person you can trust them yeah it's not like a reference for it's not a reference at all it is a I promise to repay that loan if they don't but if there's an accident in terms of liability and your names on the car oh and that may be involved there ya know so you're not an owner of the car you're not on the title you really don't have any liability from that from that perspective from like a negligence accident so unless your name is on the title or something then that's really and really even then it would it could be questionable that a negligence action applies to the person that committed the negligence unless they did so when acting on the benefit of an employer saying of the respondeat superior doctrine so that's how like if over the road truck driver causes a lawsuit it's the trucking company that's on the hook because that person is driving for an employer just the fact that you have cosign on a loan even if you're on the title of that car you still might not be liable what do you need to consider when someone asks you to co-sign I mean I know a lot of people have family ask them very close friends and you've heard people say do not lend a friend money because they can just get ugly down the road how do you say no what do you really really need to consider well all those same considerations as to whether or not you would loan this person money is exactly what you're talking about here you need to look at the note that you're signing and say I am able and I am willing to pay this note if they don't and if the answer to that is no you shouldn't co-sign the loan yeah because that's what you're doing you're saying I will promise I will pay this note if they don't you may believe that they will and they may do their best and they may or they may not you know the situation happens here where you know maybe they flake out on you yeah well you can feel I know this person will know that's not gonna happen what if they die what if they become unemployed right what if they beat apparel eyes and lose their income yeah you still have to pay that now you are you're still on the hook so you may just have to say I am NOT able to do it at this time and leave it at that will worship thank you so much if you have a legal question for will email them at W worship at Cullerton comm and he'll be happy to answer your question right here on the show and up next we're gonna go back to the battlefield mall for more of the Salvation Army bucket blitz fill that bucket everybody we'll be right back