Legal Question in Credit and Debt Law in Florida
car loan
Hi- I have been contacted by a loan office regarding a loan that I co-signed on. The person I co-signed with signed a letter stating they were solely financially responsible for the loan and intended to refinance to remove me from the loan. He has now missed a payment, and is also refusing to refinance... Is there anything that I can do at this point
1 Answer from Attorneys
Re: car loan
You might, maybe, have a case against your buddy. Maybe.
More importantly, you need to get the loan caught up so you don't go down the tubes, credit-wise, with your friend. The problem, of course, is that if you start paying the loan to keep your good credit, he loses all incentive to pay. He gets away with not paying, and even though you never mentioned it, I'll bet he has the car.
The creditor will sue you just as fast as it'll sue your buddy.