What can I do as a cosigner if the owner doesn't want the car anymore?

40

Asked by Guru991L6B Oct 25, 2020 at 10:33 AM about the 2014 Chrysler 200 LX Sedan FWD

Question type: General

I'm a cosigner on a car loan but the owner doesn't want the
car anymore, what can I do as the cosigner because if the
car is repossessed I know it will affect my credit.

4 Answers

You picked a great guy to cosign for. Take the car from him and make the payments or your rating will be ruined.

2 people found this helpful.
40

Thats the problem, I can't afford another car payment at the moment.

1 people found this helpful.
157,505

First thing to do is take the vehicle from them. Once you have the vehicle and all the keys in your posession talk to the finance company. Explain what has happened and that you want to sell the vehicle or return it to them so they can sell it. The way things are right now the finance company will probably be willing to work with you. They really don't want the vehicle and you don't want your credit damaged. Only if they refuse to work with you let them repossess the vehicle. You can dispute the negative impact on your credit report later. Hope that helps! Jim

1 people found this helpful.

Your Answer:

200

Looking for a Used 200 in your area?

CarGurus has 261 nationwide 200 listings starting at $1,900.

Postal Code:

CarGurus Experts

  • #1
    Joelef
    Reputation
    1,800
  • #2
    AngryNick
    Reputation
    1,170
  • #3
    Whatstheproblem
    Reputation
    1,140
View All

Find great deals from top-rated dealers

Search

Related Models For Sale

Used Chrysler 300
42 Great Deals out of 506 listings starting at $5,912
Used Honda Accord
44 Great Deals out of 907 listings starting at $2,799
Used Chevrolet Malibu
46 Great Deals out of 1,180 listings starting at $1,495
Used Dodge Charger
43 Great Deals out of 606 listings starting at $4,888
Used Toyota Camry
49 Great Deals out of 952 listings starting at $2,212
Used Ford Fusion
17 Great Deals out of 390 listings starting at $2,999
Used Honda Civic
159 Great Deals out of 3,391 listings starting at $2,230
Used Nissan Altima
27 Great Deals out of 672 listings starting at $2,000
Used Dodge Challenger
24 Great Deals out of 473 listings starting at $7,999
Used Ford Mustang
53 Great Deals out of 1,256 listings starting at $4,995
Used Ford Focus
20 Great Deals out of 494 listings starting at $995
Used Hyundai Sonata
39 Great Deals out of 1,036 listings starting at $3,499
Used Hyundai Elantra
159 Great Deals out of 3,192 listings starting at $1,850
Used Chevrolet Impala
12 Great Deals out of 112 listings starting at $3,531

Content submitted by Users is not endorsed by CarGurus, does not express the opinions of CarGurus, and should not be considered reviewed, screened, or approved by CarGurus. Please refer to CarGurus Terms of Use. Content will be removed if CarGurus becomes aware that it violates our policies.