How To Prevent a Co-Signers Wages From Being Garnished

itsallagame04 · #1 10-09-2007, 03:55 AM

My father co-signed a truck loan for me a while back, now the truck has been reposessed by the bank. Which is my fault for not paying it. And whats worse is I put my father in total harm with the bank. I received a letter stating that I need to come up with ______ amount of money before _______ time. Or advising me to call to set up payment arragements. If not, my fathers wages can be garnished. I live in California and I don't want this to be hanging over my fathers head. I know he co-signed making him also accountable for paying the debt. Besides paying off the debt in full, is there any other way to release my father from this nightmare that I have created?

Thank You for your time!

lwpat · #2 10-09-2007, 06:41 AM

You can refinance in your name only. That is the only way.

Betty3 · #3 10-09-2007, 04:33 PM

I agree. Otherwise, your father will be just as responsible for the loan as you are.