Legal Question in Credit and Debt Law in Maryland
Co-signer - Bad credit - take back the automobile
My friend is a co-signer on the car loan for her brother and wife. The wife left her husband and left with the car. She isn't paying on the loan so my friend is getting notices from the bank to pay. What should she do?
1 Answer from Attorneys
Re: Co-signer - Bad credit - take back the automobile
She should notify the bank of her situation. She, however, co-signed to loan and
so she has certain legal responsibilities. She may need to pay the loan to avoid adverse credit reporting.
Where is her brother? I know her brother's spouse left him but this is no reason for him to leave the weight on his sister's shoulders.
He should pay toward to loan.
How is the car titled? If the car is not titled in the name of the woman who took it then she could involve the police through a larceny complaint.
The bank may be interested in reposessing the vehicle for non-payment of the loan. She needs to talk with the bank about this option as this may ultimately result in adverse credit reporting as a co-signer (i.e., she defaulted as a co-signer).
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