we were working together and living together and i was like why not (stupid) right after i co-sign we had a fight and went on our own ways she said she took me off even before the car was taken out 7 years later the bank is calling me i own 8,000 doll . i have no way to reach her noe her mother who is suppossely the main co signer. i have nothing to do with this i barely have any money for me how am i suppose to pay for something i have nothing to do about how can i get out of this hell
2007-01-20 04:35:11 · 16 answers · asked by johanna f 2 in Cars & Transportation ➔ Buying & Selling
That is what happens when you co-sign. There is nothing you can do about it.
2007-01-20 04:40:26 · answer #1 · answered by Barkley Hound 7 · 1⤊ 0⤋
After seven years they still owe 8K? Sounds like a collection agency. Tell them that you have no idea where the car or the person is and you were just a friend that co-signed for the loan and never drove the vehicle.
They will probably just stop trying to collect from you. If you don't have any money, don't have the vehicle, what can they collect?
If they didn't contact you for 7 years, they really have no expectation to collect any money from you now.
P.S.
You really should pay since you promised to do so. But since you cannot, you need to push back on the collection company or bank. If they keep calling, you have the right to request they stop calling.
2007-01-20 05:27:33 · answer #2 · answered by Confused 3 · 0⤊ 0⤋
After seven years the statue of limitations may apply.
Bill handel does a show on saturday mornings called handel on the law where he gives free legal advice. If not there are probably many free legal clinics in your area.
http://www.handelonthelaw.com/
he is on the air right now.
Outside California:1-888-2-HANDEL (426335)
7 years is right around the time the statue usually kicks in.
Do not pay them anything or even talk to them until you talk to a lawyer. Look carefully at the paperwork. If it says you must respond within 30 days and you dont' you are admitting guilt then you are really screwed. You need to seek legal advice NOW as on Monday. Please get some legal advice. This is tricky. but if handled properly you can probably get out of it. If not handled properly you might as well bend over and grab your ankles.
By the way since it is seven years. More then likely this debt was sold to a collection agency for pennies on the dollar. If this is the case and the statue has kicked in you can tell them to pound sand and even sue them if they screw with your credit.
2007-01-20 04:44:15 · answer #3 · answered by trichbopper 4 · 1⤊ 0⤋
1. this is why you never co-sign for someone besides your family or your own child.
2. since you co-signed and the main signer, her, has defaulted, then the responsiblity of the loan falls on you, by law. that is what a co-signer is.
3. you have to deal with it and pay it, but then in turn track her down and sue her for that money, the time to deal with it, your attorney fee's, etc.
4. get an attorney and they will find her, specially if you have contact with her mother.
5. lesson learned huh....NEVER loan to friends, period.
2007-01-20 04:41:17 · answer #4 · answered by Anonymous · 1⤊ 0⤋
if your name is still listed on the title,and the car still exist,,you are liable to have to pay for this,that's the bad thing about co- signing for a car,,the co signer has to take responsibility for the loan when the other person don't pay for it,i wish you well on this one,,id call the bank and talk to them about it,,at this point you don't have anything to loose but time,good luck i hope this help,s.,,PS, i co -signed for one about 15 years ago,,and i almost got hooked in to having to pay for it,,but i got is straitened out ,you might be able to do the same,good luck.
2007-01-20 04:46:59 · answer #5 · answered by dodge man 7 · 0⤊ 0⤋
The reason you had to cosign was your friend did not have good enough credit to get the car on her/his own. You owe the money, but this could be a good lesson learned.
2007-01-20 04:42:03 · answer #6 · answered by Nelson_DeVon 7 · 1⤊ 0⤋
No not naive we all do things that we haven't before sometimes it pays off and othertimes it doesn't. It is alwasy best to give people the benefit of the doubt.
2007-01-20 04:40:55 · answer #7 · answered by sarell 6 · 0⤊ 0⤋
Nothing you can do. When you co-sign, you are promising to pay it if friend doesn't. You can always try to sue your so called 'friend', but doubt you will get anywhere there either.
2007-01-20 04:46:23 · answer #8 · answered by tootsie38 4 · 0⤊ 0⤋
there isn't much you can do.if you are still listed as a co-signor,you will more than likely be held accountable for the money owed. i would talk to an attorney,most offer initial advice free.
2007-01-20 04:42:28 · answer #9 · answered by Jim 2 · 0⤊ 0⤋
You probably need to get a lawyer to handle all of that, and talk to the bank to handle the situation.
2007-01-20 04:40:37 · answer #10 · answered by yoko o 3 · 1⤊ 0⤋