i cosigned for car & took bakc sold for $10k less than paid can i get money back from the person i cosigned 4

Question

i realized boy friend could not make pymnts and i took car back before 1st payment so it would not hurt my credit. I sold car for $10,000 less than what i cosinged for. I do not have anything in writing but i need to get my money back - i knew he had a drug problem when i cosigned

Answer 1

Probably not. The questions would be did you just take the first amount offered, or did you seek several offers? If this was taken to court I think the judge would question how you disposed of the car. Did you sell to another friend, did you advertise it, etc. GOOD LUCK

Answer 2

Without anything in writing between you and your boyfriend, you are out of luck.

When you co-signed the loan you took responsibility for paying the loan in full if your boyfriend defaulted on the loan.

By returning the car and not paying the lender in full, you defaulted on the loan and the lender will come after both of you for the full balance plus all fees involved.

If you do not pay, they can take you to court and get a judgment and then attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like vehicles, boats, land or homes.

As far as hurting your credit, you have already done that. You both now have a repossession on your credit file. This will show for 7-years. So will the judgment that the lender will get.

As far as knowing that he had a drug problem when you co-signed, how stupid is this? Plus you did not even give him the chance to make the first payment. Sounds to me like your the one who got cold feet and now you have screwed your credit and your boyfriends for years.

Answer 3

In the absence of any written agreement with your boyfriend, your chances of getting your money back are very low. When you co-signed, you guaranteed to make the payments and take responsibility if he defaulted, which he apparently did. You might consider a small claims court action, but I suspect they will not find in your favor, since you have nothing in writing from him promising to repay you in the event of the loss you incurred.

Answer 4

Since you don't have anything in writing, you are probably out of luck. Not only that, but if you didn't have the right to sell the car because you had no agreement in writing from him to let you sell it, you may have left yourself open to theft charges.

You have learned an expensive lesson in why you should not co-sign a loan unless you are prepared to pay it off yourself.

Answer 5

I think you have a case to sue your (ex)boyfriend. The problem is he doesn't have any money. A judgment isn't worth the ink the judge uses to sign it if there is nothing to pay it with. My favorite financial adviser calls this "Stupid Tax".