We did this in July 2021.
She has a job that can pay for her to live on her own with no problems financially.
We were concerned because of her lack of life experience.
She went straight from homeschooling into this job.
She moved out without our consent or approval.
We are on bad terms at this point.
We want my husbands name off the loan OR the truck back.
Well assume payments plus pay her back her deposit.
Its hard knowing youre potentially responsible for something if things go awry.
We are on such disgruntled terms that we dont even know where she lives or her cell number.
-Serves Me Right
Dear Serves Me Right,
I dont think co-signing was your foolish move here.
Co-signing tends to end poorly when the person you sign for has terrible credit or insufficient income.
Your daughter obviously has a good job if she can already afford to pay all her expenses.
Your mistake is that you made the co-signing contingent on her living at home until 2022.
Of course, your daughter shouldnt have agreed to something she didnt intend to do.
But shes an adult.
She doesnt need your consent or approval to move out.
Your requirement doesnt actually seem to be about money.
What I suspect is that this is about control.
You dont want to accept that your daughter is an independent adult.
You may be right that she lacks life experience.
But the only way shell get it is by flying the coop.
Do you really think your daughter will gain worldliness by living with her parents for another year?
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But lets put family dynamics aside for a minute.
Your options forgetting out of a loan youve co-signedare limited.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you might easily return later.
Well keep it updated as offers changes or expire.
You could request a co-signer release from the lender.
But both your daughter and the lender would have to sign off.
You could also ask your daughter to apply to refinance in her name.
You could take back the truck and take over payments, as you suggest.
But thats only an option if your daughter is willing to sign over the title to you.
Notice a common theme here?
All of your options require your daughters cooperation.
You have no chance of getting that if youre not on speaking terms.
Simply say that you love her and miss her.
Ask her if shed be open to talking.
If she can handle adult responsibilities, treat her like the adult that she is.
You dont have to agree with all her choices in life.
I dont think this is really about a truck loan.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
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