Hello,
I just got a call from a nasty little man telling i owe 7K for an car loan that i co-signed. My X bought a car 6 years ago, shortly after that i got away from him forgetting about that loan. My husband call this guys office and told him to stop calling here, go after Tom (my X) and repo his car. The collector told my husband it already has been and he was here to collect the balance and if it dose not get satisified by the end of the week he will file a law suit. What can we do!
2006-08-01 11:23:15 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Since you co-signed, there really isn't much you can do. Only thing left would be for you to sue the ex- yourself, if you know here he works or where he may have other property.
The collection agency doesn't care about you, they are looking for the easiest source of money.
2006-08-01 12:01:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you have a copy of the original contract, look on the back of it for a phrase that obligates the co-signer to pay any deficiency balance. See if you 'signed' on the back of that contract.
The original contract was voided by the repo. After a vehicle is repo'd it will fall under the UCC statutes, particularly UCC 9. Which also gives repo's a statute of limitations of 4 years for deficiency collecting.
The UCC requires that any co-signer on a loan be given all of the same notices of repo and resale and demands for deficiency as the signer.
Unless they sent "you" all the required notices, within the legal time limits, you are not liable for the deficiency - even if you signed the back of the original contract allowing them to go after you for the deficiency.
Now the big questions are - how long ago was the repo? Was it more than 2 years ago? Did the original creditor send "you" notices that they were going to repo the vehicle, notices of the resale and the deficiency notice after the sale?
Check out the first site I've listed and click on the link - letter to dispute repossession deficiency. Read the whole page. Then, if it has been 2 years or longer since the repo and "you" weren't sent any of the notices, order a copy of the CarFax report and then send out the letters on that page. Be sure to follow "all" of the steps that are listed.
If you have any questions about this, go to the second link I've listed, click on Forums and then go to the credit forum and post your questions.
2006-08-02 01:47:55 · answer #2 · answered by echo 7 · 0⤊ 0⤋
when u cosigned someone should have explained what could happen if no payment is made. legally they can come after u b/c ur on the loan! that is what cosigning means! that is why u shouldnt cosign for everybody b/c they can skip out and it falls on u---as u have learned! ur husband calling the people is not going to change the situation it will only make it worse! try to contact the ur ex and see if he can pay on it or something, u may need to contact a lawyer to find a loophole to get out of this!!! and if u do get out of this, let it be a lesson---NEVER CO-SIGN FOR ANYONE (NOT EVEN FAMILY) they r the worst ones!!!!!!! good luck, i hope it works out for u!
2006-08-01 22:55:11 · answer #3 · answered by KISH KISH 2 · 0⤊ 0⤋
it is all said and done already and hopefully you have learned your lesson. The banks already knew that your ex probably wouldn't pay so that is why they needed a co-signer. You! But you are the one responsible. This will damage your credit. You can try and sue him for the remaining cost but that will be added cost to you and if he can't pay the auto loan then chances are he can't pay you.
2006-08-02 00:11:09 · answer #4 · answered by dutchfam7 4 · 0⤊ 0⤋
Bend over.....I did. There is no way to exonerate yourself from this.
2006-08-01 18:30:23 · answer #5 · answered by 3eleven 4 · 0⤊ 0⤋