I want to sue my formal friend in a small claim court, to make a long story short i helped him purchase a car and he stopped making payments and the car got reppoed in the emd, its now affecting my credit.....despite of the fact i was dumb to do that for him to begin with....what advise can you guys give me....i want to get a attorney to better my chances to win...what do you advise?
2007-07-24 17:29:14 · 4 answers · asked by jB0oGieLuV 2 in Business & Finance ➔ Personal Finance
You can try but I am not too sure of your chance of success. First off, it sounds like you were a co-signor. You entered into a contract saying that you will take over this person's debt if he cannot pay for it. Therefore, you agreed to the situation you are in.
How much cost is involved here? After they took the car, it would have been sold off and the money from that is applied to the balance of the loan. The car would be sold at an auction and will almost never bring what the actual value of the car is. There is going to be an outstanding balance. Find out how much that is and work out a payment agreement. You agreed to pay the debt if the guy could not.
What you should do is make an appointment with an attorney to discuss what has happened. You are going to have to pay for this privalege though. Don't be suprised if talking with the attorney costs you $100. More than likely you cannot sue with chance of success and even if you did there is a lot of probability you would not be able to make any money off of it. Also, the cost of suing will probably be much greater than what you could possibly make off of it.
2007-07-25 10:27:50 · answer #1 · answered by A.Mercer 7 · 0⤊ 0⤋
The only way your credit could be affected is if you co-signed his auto loan. But if that's the case, you should have had the opportunity to pay the back payments, take the car yourself, and then pay it off or sell it. In other words, you should have had an opportunity to mitigate the damage to yourself but chose instead to just let it go. And in doing so you broke your own contract with the lender to pay the loan if he didn't. So what can you now sue the guy for? Ruining your credit? You can thank yourself and him for that. The only real damage to you now is your diminished credit rating. That's in large part your own fault as well. And how can you possibly expect a judge to be able to put a monetary value on that? Unless this series of events is so recent that you perhaps could still make some kind of amends with the lender, I'd say move on, rebuild your credit, and be smarter in future.
2007-07-24 17:51:35 · answer #2 · answered by Tom K 7 · 0⤊ 0⤋
If your former friend can not make his car payments, chances are he will not be able to pay a judgment against him. And that assumes that you win. It seems like it will be a hard case to prove that you are entitled to anything from him. It is true that he abused your good credit and what he did was slimy but not necessarily illegal.
2007-07-24 17:41:05 · answer #3 · answered by VATreasures 6 · 0⤊ 0⤋
i would steal stuff from him to pay for it. get a judgement against him and then put a lien against his stuff or have his accounts frozen.
2007-07-24 19:31:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋