Pelon Posted October 7, 2004 Report Share Posted October 7, 2004 this is the fine mess i have gotten myself into. Around a year ago i co-signed for a girlfriend at the time for a 2004 Daewoo Leganza. She was making payments fine for around the first year but she lost her job & just had bad luck for a while. She has had bad credit & in debt before she met me. Know the car don't even run she wants to fix it but has not enough money to fix it. She has stopped making payments. She called Bank one to tell them that she cannot pay on the car & see if they can just take it. She told me that they said that they would repo it & we would get bad credit for the loss. I was ok with that. I even had a repo man come to my house looking for the car which she don't live there. They did contact her but didn't take the car. Know i am getting calls at my home & work telling me that someone has to pay & that i am the one that they are going after know since i have great credit & she don't. Is this how it works since i am not primary but co-signer? They say that by me co-signing i pretty much said that if she don't pay that i will which i understand but i don't want to pay $11.000 for something that isn't mine & don't even work. What should i do know? I need some advice on this. I don't want to pay & the only option is help her fix the car so she can start to pay on it. My x said that she really wants to pay it off but can't afford it at the time but she is trying. Why wont they just take the car & write it off as a loss? I am new to this so i really don't know how this works. The lady from Bank one also told me that they will garnish my checks, why not hers. I live in Flagstaff, az. HELP... Link to comment Share on other sites More sharing options...
willingtocope Posted October 7, 2004 Report Share Posted October 7, 2004 Well, the bad news is, that's what a co-signer is for...if she won't pay, then they come after you. You can take her to court and probably get a judgement against her...but the bottom line is, its your debt now.Question: a 2004 car that doesn't run any more? Accident? What happened? Link to comment Share on other sites More sharing options...
Methuss Posted October 7, 2004 Report Share Posted October 7, 2004 Bet she didn't change the oil when she was supposed to and siezed up the engine.Anyways, willingtocope is correct. As a co-signer, you will have to pay the debt if she refuses to. They do not even have to exhaust all remedies (suit) with her to come after you and if she files BK, you will still be liable for this debt.The only saving grace you may have is if the dealership did not fully explain to you the ramefecations of co-signing. Usually there is a document in the paperwork that you sign (and she doesn't) that says it was explained and you understand what co-signing means. If you didn't sign anything like that, then you may be able to sue the dealership and or lender for violating the Truth in Lending Act. Did they give you a copy of the paperwork to review for 24hours before signing? If you asked for it and they failed to give it to you, that's another TiLA violation...and no, this does not apply just to houses...TiLA covers any commercial contract involving credit, even computers and furniture. Link to comment Share on other sites More sharing options...
retmar Posted October 9, 2004 Report Share Posted October 9, 2004 Why not check into the Lemon Law to see if anything fits? I agree with Methuss that she is probably the cause due to lack of care, but, you never know, something else may have happened to cause the breakdown. At the least, get this situation on hold until something can be accomplished to protect everyone. Link to comment Share on other sites More sharing options...
CW Posted October 12, 2004 Report Share Posted October 12, 2004 perhaps you could have the car checked and see what it costs to repair it. if it is a small amount than repair it and sell the car for what you can to offset the full amount. Then see about recouping the rest later. I know you help your friend here but I think your friend should try to help you. If not now cause she's had bad luck hopefully in the near future. Has your friend tried to find more work? Is she making a good effort.? If I was in your friends shoes I would try my hardest to keep our freindship in order. I think she should be making the effort here to resolve the issue. As far as the lemon law, I know a little about cars, daewood is a new company with a weak product. do some research on consumer reports to find data to support your lemon law claim. I am sure you will find what you need. good luck and be careful about cosigning. Link to comment Share on other sites More sharing options...
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