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Is it possible to get out of a car loan I signed for my immature daughter?

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My daughter had no employment, no car, and no credit history three years ago, but she did have a brand-new college degree. I assisted her in acquiring a vehicle so she could conduct her job search.

I committed to make monthly instalments of $343 for the first three months. I have set up automatic billing to my bank account. However, I titled the vehicle in her name. I wished to avoid liability in the event of an accident.

Well, duh. That was a grave error. Even though she was working after three months, she requested an extension, which I approved. She continued to request extensions, stating a variety of reasons: her cats were ill and she incurred significant veterinary expenses, her rent increased, she needed to replace her cell phone, etc.

After three years (on a five-year loan), she has never assumed responsibility for payments.

She soon stopped making excuses and branded me "selfish" and a "nag" since "you have a BMW and enjoy a life of leisure" (I'm retired after 43 years as an elementary school teacher).

My only request was that my daughter be held accountable for future payments. She had known for three years that the automobile was NOT a gift.

The finance section of the car dealership informed me that they could not even speak with me because the title is not in my name. The bank informed me that if I stopped paying the bills, the vehicle would be repossessed. I have already paid over $17,000 for the automobile.

My daughter and I no longer communicate. She is currently living over her means. She is a major letdown for me. My other two children made a smooth transition to maturity and financial independence.

As I get older, my medical bills increase. I must reduce my spending.

What steps can I take to escape this situation?

Hi Jennia,

I must say that you have become the victim of selfless love! Sorry to say this, but your girl has considered your love as taken for granted. You should have stopped your payments immediately after three months of paying the installment. What you have done as a parent is incomparable, but sometimes we must be harsh to make things understandable. You have carried the loan for three years and are now stuck, not legally but emotionally.

As you informed us that you have a few significant expenses to deal with, now is the perfect time to move forward. You have the solution in your hand - stop the payments immediately and revoke the auto-pay facility by calling your bank. Once it stops, the car loan company will send a notice to your daughter for payment. If she can afford the payment, she can keep the car, or it will be repossessed. If she comes to you and yells at you, just ignore her. She already broke all the connections with you; how further can she go?

It's time to consider your odds and save money for the coming years. What you have paid for three years won't come back. But do not waste any more money for the coming two years.

Sub: #1 posted on Wed, 09/21/2022 - 01:12

tiarajoseph11 tiarajoseph11

(Posts: 470 | Credits: )

Ask your daughter to manage her problems. You can ask her to enroll in a settlement company. Stop providing any money help to her. Try to take care of your financial situation. Do you have medical insurance? Try to set aside money for your use. Don't share any money-related things with your daughter.

Sub: #2 posted on Thu, 09/22/2022 - 05:37

Sanders Patricia Sanders Patricia

(Posts: 1238 | Credits: )

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