'legal' advice?

[aznsk8rboii]

I have a question for anyone with some 'legal' advice.

heres the deal,
A person i know got a new car with there boyfriend (back in 06). He didn't have any credit so in order to get it, they had her mother co-sign the loan. A few years and no problem, till they break up. Not soon after, He stops paying the car payment.

Any advice here would help. We have the keys to this car, and the debt collectors are calling the house. Should I take the car? its a grand prix btw. What other options foratke in this situation?

[Drifte]

call the bank the loan was from. Then go to small claims court. Only downside is, you cant make credit come back. Unless the dolorean is back.

[warchild145]

About the only option you have is court. Otherwise your SOL as that is the exact reason someone had to co sign. His credit will go down the drain but I doubt he cares. And now the co signer is responsible for the payments.

Good lesson as to why you never co sign unless you can afford the payment and trust the person.

Also, at this point if you were to let the car get repo'd or give the car back it will hurt the co signers credit as well. Best bet is to try and sell it unless you get something from the court.

[69gt4speed]

Yes i cosigned a loan once and yrs later the person quit paying and wouldn't give the vehicle up etc. I took the vehicle, talked to ford credit, brought it to them, they sold it and I had to make up the difference. Guess i could of sued in small claims court for the difference. I would of sold it myself but it was a risk as the person could of vandalized the vehicle or stole it back. Basically w ford credit had a agreement if I got it back to them they didn't mess w my credit rating if I paid the loan off, if there was any balance due.

[aznsk8rboii]

so guess what guys?
3 months in a row he failed to make a payment.
we called the cops and they said...although he is the only one on the title, the co-signer on the loan has just as much right to the car, and thus, if in her posession is not GTA.
So we jacked the car...while he took a girl to a bar.

the next day she went to the bank and they signed the loan and title to her...
turns out he lost his license and has gotten 5 tickets for no registration/driving with no license... and he also had no insurance on the car.


so we got it now xD

[Domestic Disturbance]

Should whoop his ass. Good thing to have in a co-signer, the ability to beat someones ass if they don't pay. My first loan (camaro) is co signed with my dad, and if I quit paying for it, I'd get my ass beat. Good motivation for me.

[DragonUSMC]

that was your best bet. Usually if you talk to the bank in this situation they can clean up the credit issue if you bring the tab up to date quickly.

other then that everyone's advice is sound.

lesson learned. Dont co-sign with anyone stupid.