what can happen to me if a car i cosigned was repossed?

Question

I helped my ex boyfriend co-signed for a car, a month to it he got arested for narcotic, and disapear with the car. call the financing people to have them take the car. now they sold it and want me to pay the balance and i don't have the money. I was wondering if anyone know what i can do at this point vuz the only calling me, what is the worst that could happen if i don't pay then..the balance is about 14000? what are my option i had great credit before all this.. i made a bad decision...can anyone out there helps? thanks

Answer 1

you sure won't have a good credit rating after this
actually they could probably garnish wages to pay the balance

Answer 2

You have to come to the understanding that you gain absolutely nothing by co-signing someone else's loan. The only thing you could possibly gain is the euphoric feeling that you have helped somebody (that you love).

However, that euphoric feeling comes at a price and can subside very quickly. If the debtor (your boyfriend) fails to pay the loan as agreed, the creditor will come after you (the co-signer) to "make good" on the loan.

You agreed to this arrangement the very day you co-signed on your boyfriend's car loan.

If the balance is $14,000, all you can do at this point is offer to pay the finance company about $150 a month as a payment plan until your finances improve. They might take that "payment plan", but since your boyfriend . . . oops, I mean, you owe $14,000, the finance company may take you to court to obtain a judgment. They may then ask the court to garnish a certain portion of your wages as payment on this delinquent loan.

Question: Was the sex this good to ruin your good name and your good credit? You owe $14,000 and have NO CAR to show for it.

People are in your life for a reason and/or a season, but your credit sticks with you until the day you die.

NOTE: Do not co-sign for a loan with a monthly payment that you will balk at paying--because you just might be the one making the payment!

You can't give what you don't have!

Answer 3

This answer is mainly for other people which may have a similar problem.
Your details are not very clear so a precise answer is difficult to give. Ask an attorney for advice. What and how the loan company went about the repossession process may or may not have been legal.
When this occurs the co-signer should just pick up the payments themselves and immediately sell the vehicle unless they want to keep it. This way you can minimize your losses and in some situation make a profit.

What can happen to You? Nothing besdies your credit rating will be affected .

Answer 4

Legally, they should have informed you that they had the car. Legally, they must give you the same rights as the owner, as the cosigner, namely to go and get the car by making the back payments. If they didn't inform your of their having the car and their intent to sell it at auction,, you are off the hook. They must follow the law to a T, if they want to ever collect on a repo. i believe I am correct. Talk to a lawyer, and have him send a letter if they keep bothering you. C.

Answer 5

when you co-sign you are promising the company that if he does not make the payment you will. Sorry to hear this happened to you. If you don't pay your credit will go down and they can take you to court and you will lose. I can not thin of any one that can help you get out of this mess

Answer 6

Word of advice: Never ever co-sign for anyone! As long as you signed a legal document, your responsible for paying. Let this be a lesson to you.

Answer 7

I suggest making payments. 14000 and good credit and employed. they will persue legal action

Answer 8

Sorry you had to learn the hard way.....

Answer 9

Your screwed, welcome to 7 years of hell!