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My Dad Cosigned for My Car Lease I Can No Longer Afford. What Should I Do? – Annilette

Annilette

“Dear Steve,

My situation is that i lost my job couple of months ago. I had just moved and I have a car that I leased 2 years ago but havent made payments on it for 3months now. my dad is the co-signer and I didn’t mean to hurt his credit, but my dad understands that the economy is really bad right now and if i cant afford the car anymore to just give it back.

He saying he is going to claim bankruptcy so they cant take any money from him since he’s the co-signer.i need to give it back because my car payments are 609.89 + insurance and I have two children to take car of. My question really is should I also claim bankruptcy along with my dad before I have the car repossed. I really don’t have any money but i just dont want to get in such trouble like going to jail for example for not paying a loan so big.what should I do?

Annilette”

Dear Annilette,

Before y’all resort to bankruptcy you might want to look at the services of leasetrader.com or swapalease.com to see if you can’t find someone to take over your lease payments. It does happen.

If that does not work out for you and you have to give the car back, wait until you get a big bill from the lease company before you move ahead with bankruptcy.

It would not hurt for you to contact a local bankruptcy attorney and you and your dad go in and talk to them about coordinating a game plan here.

Rest assured, you are NOT going to jail over this.

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About the author

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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