The person who had the car failed to make the payments and the loan company came after my friend. They garnished his wages. What can he do, i know he is legally liable for the payments, but after paying the debt, do you think he can get that money from the car owner, can he recover his credit. Thanks. Don't tell me the rules, just tell me how to get his money back. thanks
2007-09-27 14:36:14 · 6 answers · asked by i-am-me 1 in Politics & Government ➔ Law & Ethics
he can only get it from the "friend"...
and you can't get blood from a turnip.
Never co sign .. NEVER!
2007-09-27 14:41:39 · answer #1 · answered by estimator01 4 · 1⤊ 0⤋
so your friend understood the rules and co-signed anyway. Well, sorry but he is out of luck. If he also does not pay, the car gets re-possessed but his credit will be damaged. Your friend can go after the car's owner for the car--or demand something else of value since the car owner will not make the payments. Hope he learns from this experience and in the future, neither a borrower or a lender be. Or he could demand something of value BEFORE he co-signs again.
2007-09-27 21:47:40 · answer #2 · answered by Mike 7 · 0⤊ 0⤋
If the bank went after the Cosigner , then the bank is sure that the person who was driving the car could/would not pay. Credit will have to be rebuilt . I don't know how to get blood from a stone, usually a person who will let his cosigner take the fall for him is a (stiff) and doesn't care .. The money is probably gone for good Good luck.
2007-09-27 21:54:15 · answer #3 · answered by ken G 6 · 0⤊ 0⤋
The money is gone forever unless the person he co signed for pays him back. That is the only way. And if he makes the payments on time, your friend should see no problems with his credit.
2007-09-27 21:46:02 · answer #4 · answered by bob h 5 · 0⤊ 0⤋
He can sue the guy he co-signed for. If the car is in his name as well, he can go and get the car. Otherwise, I think he is out of luck. This is why co-signing is a bad idea. It sounds good, it makes lenders happy, but it is a very bad idea.
2007-09-27 21:43:31 · answer #5 · answered by maryjellerson 4 · 0⤊ 0⤋
he better go get the money back from his so-call friend.
2007-09-27 21:51:28 · answer #6 · answered by mad_1240 6 · 0⤊ 0⤋