My soon to be husband cosigned for a loan for his younger sister about three years ago. Since we've been together and his sister has decided she doesn't like me, she purposely has been late on this payment every month - and sometimes has failed to make it. My fiance cosigned for her when her husband was sent to Iraq, she was with a baby, blah blah blah, she really needed a car. While her fiance was in Iraq and she was receiving hazard pay - the car payment was made fine. However when he returned, is when the trouble started. They both have excellent paying jobs - just refuse to pay the bill. She has a history of a drug problem (why he cosigned I will never know) and was hoping we could use that as a way to get Writ of Possession. IS there anything we can do in this circumstance? Can we go after the car?
2007-04-16 08:37:17 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
This happened to me a year ago. They repoed the car and he wrote a letter the the credit reporting agencies and they added a statement to his CBR and he was able to get financing, but at a higher interest...
Chalk it up as a lesson learned and NEVER do it again...
Good Luck!
2007-04-17 11:06:15 · answer #1 · answered by Miss Know It All 6 · 3⤊ 0⤋
I think these responders are making this sound much more difficult then it really is.
First, you do not have the right to just go and take the car without first getting a court order. It's her car, it's her loan, you just co-signed to guarantee to the bank it will be paid.
Depending on how much is still owed, you can go to small court by yourself. If the amount that is due is over your small court limit, you will have to go to a higher court, and that will probably involved an attorney.
Once you have the judgment, just garnish their wages.
I'm going to bet that once they know you are planning to sue, they will get their act straightened out.
To protect your own credit ratings, you will unfortunately have to make sure the bills are paid .
2007-04-16 09:45:06 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You really only have two options.
First take the vehicle from his sister and second contact the lender and see if they will send the payment notice to your soon to be husband so he can make sure that it's paid on time.
Who's name was first on the contract? If it was your soon to be husband then he is not the co-signer his sister is.
You may have to get a lawyer involved to help straighten this mess out.
Good luck.
2007-04-16 08:49:16 · answer #3 · answered by ? 7 · 1⤊ 0⤋
If he's on the loan, he's also on title. Just go take the car, he has legal right to it. If you owe less than its worth, you can sell it. Granted, she has to sign the title/reigstration as well....but if she's not driving it becuase you guys have it, she ought to do it. Get a storage space and put it there so she cant find it.
2007-04-16 08:45:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You have two choices.
1. You husband can (and should have already) go and talk to her and demand that she make the payments on time. She is hurting him as much as she is hurting you.
2. Call an attorney.
2007-04-16 08:45:43 · answer #5 · answered by Mr. Taco 7 · 1⤊ 0⤋
I'd suggest you get an attorney, but also realize that being a co signer can be like playing with fire.
2007-04-16 08:54:47 · answer #6 · answered by Barry auh2o 7 · 0⤊ 0⤋
take the car from her, til she starts paying..
2007-04-16 08:42:47 · answer #7 · answered by shorty21 5 · 0⤊ 0⤋