Releasing Liability

Discussion in 'Credit Talk' started by My2kGT, Nov 15, 2001.

  1. My2kGT

    My2kGT Well-Known Member


    I was wondering if anyone has heard, seen, or done this before. A co-signed auto loan I'm listed on is about to go 30+ days late. Since I antcipate financial loss from this, such as high mortage rates, also my CC companies jacking my interest rate. Can I sue for release from contract and/or for finacial loss from the other party not holding end of contract.

    Thanks for any help

  2. DaveyBoy

    DaveyBoy Well-Known Member

    Well, if I were in your shoes, I'd do whatever I could to avoid the 30 day late. If that means coming up w/ a couple hundred dollars, I'd take that over potentially a lot more in future financial reprecussions.

    After that, I'd go for removal from the contract. Others here may be able to assist w/ that plan.

    DB :)
  3. Nave

    Nave Well-Known Member

    It is as if - you - signed for the loan with the bank (kinda like colateral), so I don't think the other party is empowered to release you from the contract...but "can you sue" them?...I guess you can sue anyone. I do not know the likelihood of any outcome though. I would consult an attorney immediately. It seems like a wise thing to do, were I in your shoes. Good luck.

    -Peace, Dave

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