2006-08-21 08:31:31 · 11 answers · asked by samantha007_99 2 in Politics & Government ➔ Law & Ethics
Yes. Pay off the balance of the loan. If you call the bank (a) they may let you buy the car & continue the loan; (b) they may let you convert the loan into a conventional secured or unsecured commercial or even consumer loan so that you can pay it off over time.
2006-08-21 08:47:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-26 11:46:37 · answer #2 · answered by ? 3 · 0⤊ 0⤋
There's only one way to avoid being sued - pay the loan.
That's why the bank asked for a co-signer - because they thought that the other person could not be trusted to repay the loan. Co-signing a loan is something like taking out the loan yourself, but it's worse. You have no control over the collateral and payments.
You can take the other signer to court and get your money back out of them, but you are going to be responsible to pay the bank.
2006-08-21 08:40:48 · answer #3 · answered by FozzieBear 7 · 0⤊ 0⤋
You should never co-sign a loan because if the person doesn't pay the loan back, then YOU are responsible for the debt. Late payments and unpaid payments leave a black mark on your credit, not just the other person's. You are just as responsible for the loan as they are, so if they want to sue you they can. The only way to avoid is to pay it off or work out a payment plan with the loan company.
2006-08-21 08:39:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I don't think you are "sued" they sell the car and you and whoever owes the difference ... between what they got for it and what you owed.... but either way... your credit is hurt... you can still buy things ( like a mortgage and another car) with an explanation and letter that you did not make the payments... save proof ( checks, etc) they this other person made all the payments....it's important to save those things, believe me
2006-08-21 08:41:11 · answer #5 · answered by Louie 2 · 0⤊ 0⤋
no. when you co-signed you accepted full financial responsibility for the vehicle as if you purchased it. they have legal recourse to make you pay what ever was outstanding before it was repossed. you should call them to find out because it will go on your credit report.
2006-08-21 08:42:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Only if you can get the person who signed for the car to do the right thing and pay up.
Take it as a lesson learned!
2006-08-21 08:39:57 · answer #7 · answered by N3WJL 5 · 0⤊ 0⤋
They have the car back so why would they sue..Worst scenario is you might have to pay difference if loan was for more than car worth
2006-08-21 08:39:11 · answer #8 · answered by dwh12345 5 · 0⤊ 0⤋
no. your legally binded to that contract when you put your X on the line. Can you pay the fees to get it out of repo?
2006-08-21 08:39:41 · answer #9 · answered by ♠♣♥Rogue♣♥♠ 5 · 0⤊ 0⤋
NO... you should have thought about that when you co-signed
2006-08-21 08:37:41 · answer #10 · answered by Anonymous · 0⤊ 0⤋