I co-signed a loan for my son to buy a car, and now he cannot make the payments
Dear Seniors Line:
I am a retired senior living on a fixed income. My adult child has had some financial problems and asked me to cosign with him on a car purchase. I suggested that if he could not get financing, maybe he should look at a less expensive car. My son, however, talked me into cosigning on the loan that allowed him to purchase the car. He has made the payments on the car for several months, however, he lost his job and now cannot make payments. I am living on Social Security and a small pension and do not have the extra money to make this several hundred dollars a month car payment. The loan also mandates that he keep insurance on the car. My son's driving record is not spotless and, therefore, his insurance is not cheap. The car loan people are now contacting me about making my son's car payments and insuring the car. What should I do?