[Tess]

My question involves an auto loan or repossession in the State of: North Carolina

Cosigned an auto loan for soon to be ex inlaw. Recently found out that not only are the payments constantly late, but 2 of the 3 last payments went to intrest only (the balance is now HIGHER after the last 3 payments) -- Trying to decide what to do.

1. Have them re-finance and remove me from the loan (extremely doubtful they would even qualify)
2. Voluntary repo
3. Sell the car and attempt to pay the balance.

The title contains both my name that theirs. -- It does not contain "and" "or" only names (but mine is at least listed first)

To complicate things, this person is also listed on the title to the vehicle belonging to another family member. (that was a "joint" venture which is almost paid in full) I just want to get rid of this headache. I have since discovered that this person is very untrustworthy and I want to be done with it. I prefer to sell the car and do my best to pay the balance, but I would like to avoid retaliation in the form of them coming to "repo" this other vehicle.

[OhMy]

My question involves an auto loan or repossession in the State of: North Carolina

Cosigned an auto loan for soon to be ex inlaw. Recently found out that not only are the payments constantly late, but 2 of the 3 last payments went to intrest only (the balance is now HIGHER after the last 3 payments) -- Trying to decide what to do.

1. Have them re-finance and remove me from the loan (extremely doubtful they would even qualify)
2. Voluntary repo
3. Sell the car and attempt to pay the balance.

The title contains both my name that theirs. -- It does not contain "and" "or" only names (but mine is at least listed first)

To complicate things, this person is also listed on the title to the vehicle belonging to another family member. (that was a "joint" venture which is almost paid in full) I just want to get rid of this headache. I have since discovered that this person is very untrustworthy and I want to be done with it. I prefer to sell the car and do my best to pay the balance, but I would like to avoid retaliation in the form of them coming to "repo" this other vehicle.

As you stated it is doubtful that they will be able to refinance the loan.

A voluntary repo will destroy YOUR credit.

YES, sell off the car and pay off the loan. You will need both yours and the other person to sign the title off. It does not matter whos name is listed first on the title.