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My Grandfather Cosigned for My Car And I Can’t Make The Payments. – Martin

By on September 8, 2010
My Grandfather Cosigned for My Car And I Can’t Make The Payments. – Martin

“Dear Steve,

I’m eighteen years old. Went to private grade school and high school. My previous car was going to be trashed soon. I financed a car with my grandfather as a co-signer. I then got laid off. No way to pay my car or insurance payments and I will be in debt soon.

I wanted to know if you have any advice for me or options i could look into. I will be in debt at age eighteen if i don’t find a way to get an income soon. I’ve been looking for a job but until i can find one that will work around my school schedule I don’t know what to do.

Martin”

Dear Martin,

When your grandfather cosigned for the car he guaranteed the payments if you could not make them. The lender will go after him for payments and your late payment history will negatively impact his credit rating.

My advice is for you to call your grandfather and tell him what is going on so he can have a choice of making the payment to protect his credit rating or agree with you on a plan of action.

I’ve got news for you, you won’t be in debt soon, you’re in debt now. What you will be soon is up a creek without a paddle if you don’t let your grandfather know what is going on ASAP.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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