i cosighned for a auto loan for my son he has been late alot also three months behind.the car is going to be repoed next week.i will pay the loan off and get the vehicle and sell it to try and recover some of my money.can i put a lien on his house for the money that i am out of pocket ?he has screwed up my credit as of now.
2007-01-25 12:42:29 · 4 answers · asked by foxtrot 2 in Business & Finance ➔ Credit
You'd have to sue him (either in small claims or civil court depending on the amount). If you are successful, the court will isue a judgement in your favor. Then you can attach his home -- but seek the advice of an attorney. Also, be prepared, if not already, to never see/talk to your son again.
2007-01-26 03:58:31 · answer #1 · answered by cardinalboy97 3 · 0⤊ 0⤋
I'm sorry to do this but you need to hear YOURSELF.
If your son has a home of adequate value that you want to attach a lien to, then your SON could've used his home equity to get the car loan in the first place.
If you son couldn't qualify for a car loan on his own, then you should have summarily referred him to what the poor folks call "public transportation"!
Co-signing on a car loan is always a lose-lose proposition as you have learned. It doesn't teach your son financial responsiblity AND it puts your credit history in jeopardy should your son not pay (which is the case here).
You assumed your son's responsibility when you co-signed the note. You gave him access to credit he doesn't deserve and sheltered him from acquiring a car the hard way -- EARNING IT.through DISCIPLINED saving.
Are you really shocked that your son basically defecated on you and your credit?
If you are, then sue him in Small Claims court or file a civil case against him -- if you feel that it is worth it.
But honestly, this HOT MESS is more your fault than his. YOU are the adult here and the elder; thus, YOU should know there was a compelling reason that the auto finance company required a co-signer for your own flesh & blood.
Not trusting their judgment and expertise was unwise.
2007-01-25 16:40:31 · answer #2 · answered by DaMan 5 · 1⤊ 0⤋
No, you could't have a lien on your position for defaulting on your vehicle loan until eventually you purchased it with a house fairness loan. although the vehicle lender does have the right to reposess your vehicle through any ability needed, because it reported on your settlement to purchase in view that they carry the identify on your vehicle. also, any products contained in the vehicle may be taken besides whenver they regain (or thieve) your vehicle from you. you could only have a lien on your position in case you fail to pay authorities taxes, or any loans that you took out that were specifically liened adverse on your position.
2016-10-16 02:55:53 · answer #3 · answered by ? 4 · 0⤊ 0⤋
you will have to take him to small claims court and see what happens.
2007-01-28 16:30:49 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋