i cosigned a car loan with my daughter. she has the car won't return it and is behind in payments what can i d

Question

the car title is in both names. We had a verbal contract that she would pay the car payment on time and keep it insured. She has failed to do both. She made payments of 2000 on the loan of 9000. Now she has taken the car and hid it from me. She is 22 years of age. What is my recourse? Small claims court? Default on the loan and ruin my credit? She stole my set of keys so if I find it I can not start it. I am at my wits end. How could my daughter do this to her father. Lesson learned... never co sign for anyone..Make sure to have a written contract

Answer 1

Contact the bank and explain to them the situation. You do need to keep up the payments. I'm not sure what can be done, as you are both responsible for the debt; but the bank might be able to help you.

Good Luck.

Answer 2

Question #1 -- If you have modest means and the mother has a lot of money, why not let the mother co-sign for the car instead of you? Statement #1 -- You can't give what you don't have. If you don't have enough money to pay for the car, then you couldn't co-sign for the car despite your intentions, because you don't have the means to pay for the car should she default on the loan. Statement#2 -- You can't repossess the car if your daughter has made a few payments. It's YOUR CAR and HER CAR together. This is what happens when you co-sign. Things get very messy. The only person who can repossess the car is the bank should you fail to make the necessary payments -- they, after all, have the title. You either make the payments or kiss your credit score good-bye. You can hire an attorney but you will find out very soon that his costs will be just as great if not greater than the monthly car note. Statement#3 -- The mother is tired of doing a check by phone when she didn't sign a damn thing. She realizes that her daughter is trifling and that YOU are on the hook should the car be repossessed. Thus, it is easier and less costly for her to let the feces hit the ceiling.

Answer 3

If you don't make the payments, your credit is going to be ruined. If you don't insure the car and she has an accident in it, you're going to be liable.

So, get the payments up to date to keep your credit rating. Make sure it's insured. And then go file suit against her in small claims court and get the car back. And never again co-sign for a loan.

Answer 4

Find the car

Call the loan company and tell them what is going on and that you want to salvage your credit and their money. Have them repo it.

Then go and pay to get it out of repo, pay to have the keys changed and sell it.

Small claims court won't help you until AFTER your credit is completely ruined and the car sold at auction by the company that the debt is owed to. You don't want that to happen.

Or continue to let her drive it and not pay, you pay (and get insurance too because you know she won't and you could lose everything if she kills someone).

Good luck

Answer 5

PAY THE PAYMENTS, save your credit, learn from this mistake. You signed your name so DO IT !! and no whining.

Consider it stupid tax. You not only signed but you gave your word (same difference) you'd be responsible for the car payments.

Buy and read Dave Ramsey's book The Total Money Makeover. www.daveramsey.com

Next time, THIMK

Good Luck

Answer 6

I hate to say it, but you should get the police involved. Every late or missed payment is messing YOUR credit up!
And SHE needs to learn a lesson about responsibilities...having the police come around will definitely be a wake-up call.

Report the car as stolen......technically, it IS!

Answer 7

Contact the bank immediately. Try to find out any options - like you getting the car repossessed immediately.

You don't want to be on the hook.

Does your daughter have anything to say?