If I cosign for someone that wanted to buy a car and they decided not to pay and just let it go back. Now the dealer wants there money and there coming after me for it. Can I the person I cosigned for?
2007-11-14 09:48:25 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Can I sue the person I cosigned for?
2007-11-14 10:15:57 · update #1
The State of Michigan
2007-11-14 10:18:47 · update #2
Whatever the thing you want to do to them...I don't blame you. For them to dump it on you after you were kind enough to help them really sux. Unfortunately, according to the law, you are now responsible for the payments. I wish you luck tn getting out of this situation.
2007-11-14 10:03:39 · answer #1 · answered by Otto 7 · 0⤊ 0⤋
It's never a good idea to co sign, as I'm sure you figured out. As a "co signer" you are actually guaranteeing that the loan will be paid, and that if the primary signer fails to make the payments, you will. It depends too on what state you are in. I would contact an attorney to get the questions answered. But I would do two things if it were me, first, re negotiate with the dealer, it's easier to agree to make the payments, get the loan into just your name,make the payments and keep it or sell the car for enough to pay off the loan and consider it a hard lesson learned. Second, yes, I would take the the other person to small claims court, if it is allowed in your state, and if the amount is within the guidelines for small claims, which again, varies from state to state. If you don't take proper action, it will go against your credit, harming you in the event of a future loan, and, you will end up getting sued over the loan and pay it plus court and attorney fees as well.
Good luck.
2007-11-14 10:05:50 · answer #2 · answered by randy 7 · 0⤊ 0⤋
I hate to say it, but this is what you get for being a nice guy and co-signing a loan. Sue the other person, but if you don't make the car payments, your credit will be ruined.
2007-11-14 16:12:09 · answer #3 · answered by Scott H 7 · 0⤊ 0⤋
I would first want to know why the dealer isn't going after the person you co-signed for. They should pursue him/her first before they even try to get the money out of you but of course, they want their money either way.
I don't know what you're trying to ask but if you mean "sue" the person, sure...you can sue him or her. Next time, never co-signed for anyone unless you can fully trust that person.
2007-11-14 10:06:17 · answer #4 · answered by Anna 3 · 0⤊ 1⤋
Yes u can sue the person u co-signed for. You first need to find an attorney who will take your case.
2007-11-14 10:02:37 · answer #5 · answered by Maricel S 4 · 0⤊ 1⤋
Co-singer is someone who is liable for the loan if the origanator does not pay. You are responcible for this loan.
2007-11-14 10:18:06 · answer #6 · answered by $1,539,684,631,121 Clinton Debt 6 · 0⤊ 0⤋