Overhaulin'

How can my dad remove his name from a new car loan that he did for someone that he just met?

My 75 yr. old dad put his name on a new car load for a lady he has only known for a few months. She said her credit wasn't that good and needed a car. How can he get this loan for this new car out of his name legally? One payment has already been made and she has had the car for 2 months now. My sister and I just found about this in picking up his mail while he was on a trip.

Public Comments

1. He (and the lady) signed a contract to repay the loan. The only way out of it is to fulfill the contract, possibly using money from another loan that doesn't have his name on it, or go to court to have him declared mentally incompetent, and then sue to rescind the contract. The real issue is what other trouble he might get in to in the future.
2. 1) The woman can refinance the loan. But this unlikely since she has bad credit. 2) Your dad pays off the loan. Evidently without your father's signature, this woman would never had gotten the loan. So looks to me, like he is stuck.