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co-signer

I co-signed for my daughter-in laws van. My son has made all the payments and isnt on the loan. They are getting a divorce and she is filing for bankrupsy. Will I be responsible to pay off the van? Will my son keep it? He hasnt missed a payment..Thanks..christine bailey(bitchbailey@hotmail.com) my email…

Posted from: Ontario

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One Response to “co-signer”

A licensed trustee said...

In order to keep the van some one has to continue to make the payments. That means either your daughter in law (since it is her loan) or you as the co-signer. The bank won’t care if it is your son that is actually making the payments, BUT if he stops for some reason they will come after you for the rest of the money as the co-signer.

I think you should go to the bank and see about having the loan transfered either to your son or to your son with you as a co-signer. It is safer for you and it will help establish his credit.