I need a real answer.?

Question

Has anyone ever co-signed a car and the person that you co-signed for did not pay it. I am freaking out he made 2 payments but he did no pay last months. I am freaking out. I know I am crazy but what do I do. This is for a 22,000. truck.... Help... SO the question is what happens when person does not pay for the loan?

Answer 1

If you miss 3 payments the finance company will reposses the car and your credit will be hurt as well as the other applicant. It is a shame that you co-signed a loan in trust that you would never be on the hook, but if he doesn't pay, you will. You can go after him in civil court for the payments if need be.

Answer 2

I have experience, the same thing happened to me. As far as the lender is concerned, the money will come form somewhere, if not from him then from you. I ended up paying for the car. The only saving grace was I did take the car. And that is the first thing you should do. Take the truck, put a for sale sign in the window and try to recover as much as possible. If you let the finance company know what is going on and what you are doing about it, things may not turn out as bad as you think.

Good luck and go get that truck as fast as you can. If this guy is as big a bum as it sounds, he could be trashing it as we speak...

Answer 3

Well, you are responsible for the loan if he does not make the payments. have you found out why he did not make last months payment? That is where I would start. After that, call the bank/loan place and find out what you can do. Maybe you can turn the truck back in? I dont know about that part.

Answer 4

Your co-sign on the loan makes you responsible for the loan payment if the primary party doesn't make the payments. You have a case to make to take possession of the truck. Check the paper you signed, there is usually a clause in case the primary party defaults on the loan.

Good luck.

Answer 5

I used to sell personal loans once upon a time and I do know about co- applicants. Your responsibility would depend on the agreement for applying for the loan.

If he keeps on defaulting on the payments the vehicle will he ceased and returned to the financier. The vehicle is then auctioned and the balance due to you is paid minus the rental charge for keeping the vehicle in the impounding yard.

Be very careful about who you co sponsor for a loan!

Answer 6

If the person who you co-signed the loan for does not pay, it is up to you to pay the payments. Which is what the responsibility of the co-signer is.

If you choose not to pay, not only will his credit be adversely affected, yours will too.

I would encourage him to pay, but of course, you may want to make a payment yourself shortly so it doesn't affect your credit negatively.

Answer 7

When they don't - the bank comes after you.

By you co-signing, you basically signed a legal document saying that "This person is good for the money, and I trust them so much, that I'll sign my name next to them. If they don't pay, the bank can collect the money from me."

You've gotta get that person to start paying, take them to court, or expect a repo man.

Answer 8

The reason for a co-signer on a loan is that the buyer does not have adequate credit. You, as the co-signer, are considered the responsible one... the one who pays if the irresponsible one doesn't.

Answer 9

the cosigner becomes responsible for the loan if the original signer defaults.

you should probably go ahead and sue him for the truck if you think hes gone or trying to cheat you.
returning the truck will take care of part of the loan and you wont owe so much.

Answer 10

if you co-signed on it,,your responsible for the debt,,as much as he is,,and there is nothing that you can do at this point,,just hope he pays for it,,either way your as responsible as him,,so maybe he will make the payments,,if not,,and you cant make them,,it will go against your credit as bad loan,,i wish you well on this,,i have been through it once with my stepson,,it learned me a valuable lesson,,good luck with it,,i hope this helps.