Question about cosigning an auto loan...?

Answers:1   |   LastUpdateAt:2012-10-04 15:36:08  

Asked at 2012-09-14 23:25:04
Friend of a friend ... had a girlfriend who got pregnant ... they were going to start a family together as friend cosigned car loan for pregnant girlfriend . Shortly after .. knew that the baby was not a friend and went and moved to California with the car ... Now she has no car payment paid in two months ... and a friend is called to pay ... of course not have the money to recover the car note and pay for the car he has not ... that is half way across the country . Any other options ? Can your demand ? How bad will this hurt your credit ?
Answer1shaynerAnswered at 2012-10-04 15:34:13
Take her to small claims court for the car is all you can really do . When signed jointly by the car he was signing a contract to pay for the car if the bride did not therefore have no recourse bank its doing what it should . However, if you are going to make the payments that anyone has the right to self or the money you have to pay . If I were him I would sue for the car and try to sell as close as possible to the loan amt as possible so you can pay the diff and out the loan , but if you can afford their demand for the car and make payments and drive it himself. If he or she does not pay his credit not only destroys hers too. Good luck telling piece of advice co never sign for anything and if you do cosign only what you know you can afford if the person does not pay .
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