southerngrits Posted November 29, 2009 Report Share Posted November 29, 2009 I have a friend that is being harrassed by a loan company, she cosigned an car loan for someone and the other person disapeared and totaled the vehicle. When the car was totaled the company was made aware from the yard and they refused to go get the vehicle and did not want it. This was all in 2002 a payment has not been made since 2005. I am correct in saying that the SOL is up? What does she need to send them or do? They were constantly calling and threatenung however have yet to do anything as far as she knows. The contract was signed in GA, however she resides in MS I don't know if that makes a difference. She has been in MS since 2003. Link to comment Share on other sites More sharing options...
ShortBus Posted November 29, 2009 Report Share Posted November 29, 2009 GA law takes precedence since that's where the agreement was made. Based on the info listed here on CIC, GA SOL is 6 years. Default was in 2005 when the last payment was made. That means the SOL expires in 2011. Ergo, your friend is still within weapons range.Whether the car was totaled or is in pristine condition is immaterial. It also doesn't matter that she was the co-signer on the note. Both parties are equally liable for the debt. As far as the lender (and the law) is concerned, your friend owes them for the balance of the loan. She is likely to be sued in the near future and she will lose. You can make them temporarily go away by writing a C&D letter, citing the FDCPA. But that's probably only going to make them switch gears and bring suit sooner rather than later.Your friend should pay off the balance and then sue the vehicle owner to recover the cost. She'll win the suit and then be able to garnish the wages of the owner to get her money back. Or... she can not pay the debt and wait for the creditor to get a judgment against her and garnish her wages.There's no easy answer, sorry. You never, never, never cosign on car note for anyone (even family) for this exact reason. I'm sorry that your friend has had to learn this the hard way. Link to comment Share on other sites More sharing options...
nascar Posted November 29, 2009 Report Share Posted November 29, 2009 Do you know whether there was any insurance coverage on the vehicle? Link to comment Share on other sites More sharing options...
southerngrits Posted November 29, 2009 Author Report Share Posted November 29, 2009 The insurance had lapsed Link to comment Share on other sites More sharing options...
Recovering Attorney Posted November 29, 2009 Report Share Posted November 29, 2009 Find a NACA lawyer in MS and have your friend pose those questions to him/her. The internet is a great place to get some starting info, but for definitive answers to these issues I'd ask a lawyer. Link to comment Share on other sites More sharing options...
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