need advice

Anonymous — Mon, 15 Sep 2008 23:30:54 GMT

Hello,

.The car that I cosigned for is increasing my DTI and is the way of my home purchase. My friend has attempted to refinance but was denied. She even brought in a different cosigner and was denied. So i guess my options are selling. How do i sell a 30G car? How can i get rid of this car?

sjordan

Re: need advice

Anonymous — Mon, 15 Sep 2008 23:55:19 GMT

In "selling the car," one of the things that you need to keep in mind is whether or not this loan is upside down. Seems to me you're just talking about selling the car--not about trying to trade it in for something else. If your plan is just to sell it, I think worst case scenario is if the loan is for more than the car is worth, a common scenario these days. Even if you sell it, you may need to come up with some cash to pay off the loan.

I wonder if your friend understands your intentions with respect to this car. Can she be encouraged to more aggressively pursue a refinance from more than one source? Can her scores be improved in the short term so that she's more attractive to lenders? Can the combo of the two of you pay down the loan some so that it is more attractive to lenders for refi?

Sounds like a real mess for you and your friend, even if there were no delinquencies on this loan. Good luck!

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need advice

Re: need advice