i applied for a car loan for a friend in agreement she pay for it, now she lost job.and cant pay?

Auto finance is what I do for a living and if I understand this correctly, you purchased a car in your name only for someone else and now they can't make the payments correct?

If this is what happened it's simple. It's your car, your loan and your responsibility to make the payments period.

Good luck.

1

If you are the primary or a co-signer and she can't pay, then it becomes your responsibility to pay.

The kicker is that if you are only a co-signer, then you have zero rights to the vehicle your friend is driving.

Yes, co-signing is a very dangerous game and when you decide to do it, there is no way you can win.

Friendships are destroyed all of the time over situations like this, which is why you could never lend money to a friend and expect repayment and you should never co-sign unless you can accept the fact that you may pay for a car you will never own.

The other alternative is not paying and having your credit destroyed.

Who's name is on the title? If yours (along with the lien holder), you take the car back and pay off the loan.

Her's? You are a co-signer with no rights to repossess the car. The lender retains that right. You will be held responsible for paying the debt.

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Well guess what...she doesn't exist as far as the lender is concerned. It is YOUR loan and your responsibility to pay it. or suffer the consequences

Stupidity often carries a high price.

You could pay for it yourself if you have the spare cash and want to, or get it back from her and take it back to the dealership. A voluntary return is a lot better than it being repossessed.

Get that car back from her ASAP. Sell it and hopefully you can come out OK. You are the bank now, Reposes.

Take it to Judge Judy. She will give you the car.

then you pay