Hi Scotty, first of all I love all your videos. You saved me some money for sure on repairs. Now I know this isn't a mechanical questions but I am the
co-signer on my 22 year old son's 2021 Mazda 3 hatchback. He paid $33,000 which I think is crazy. Now my son is out of college is hopping from job to
job and I should have never co-signed for that car. Unfortunately I have multiple myeloma cancer and I was not feeling good the night he was going off
that Oh I gotta have this car and such a good car and will make me so happy blah blah blah. Well we drove almost 3 hours to dealership the next day
despite I was feeling like hell and I tell my spoiled son I am taking a nap and don't you dare speed. Well guess what happens 2 hours into the trip while
I was sleeping? Yup a speeding ticket. So now I am boiling made and just want to get this over with. Well being sick and made we sit down and start
signing the invoice and I don't even look at it like a fool but I was too sick to bother. Well the next day I am looking at the invoice and the monthly
payment is $575!!! I almost blew my top. He said he can pay for it doing jobs like grubhub etc. Well sure enough out of the last 5 months my wife
ending up paying his car loan!! So I looked at NY state laws about car loans and it says both the owner and co-signer both have to sign the title
to sell the car. Well he is admit that he can continue paying for it but mean while my credit score is taking a hit and my spoiled son refuses to
sell it despite the intense fights we have had over this. Yes I know it's totally my fault and my wife and I have spoiled and enabled him since he
is out 3rd and youngest son. My question is there any way I can get out of this mess besides having it repoed? Of course that would also kill my
credit school. And since he is 22 I can't put him over my knee and give him a good old spanking like my dad did but with a belt plus he would
have me arrested for child abuse! So ANY advice on how to get out of one of the biggest mistakes in my life I would appreciate it.
Thanks
Signed I am in deep
That's an extremely unfortunate situation. By definition as cosigner you are just as responsible for the loan as your son is. I doubt there's a good way out of it unless you can somehow get your son to agree to selling the Mazda. (Even then if the loan is upside-down you could take a beating on it.) Then he could get something more reasonable like an older Corolla or Civic in good condition.
Of course laws vary by state. Really this is something you should talking about to a lawyer.
a contract is a contract. This is either a legal question for a lawyer, or a parenting question. This is an automotive forum.
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