Legal Question in Credit and Debt Law in New York

co-signer of a car loan

in august i co-signed a car loan for a friend. this morning i found out that the car was stolen and her insurance was cancelled three days ago. after speaking with her mother this evening i found out that she was admitted in to rehab for drug abuse a couple of hours ago. i called the loan company and made them aware of the situation, but since i cosigned they told me that i was responsible for payments. is there anything i can do legally to this person that put me in this position?


Asked on 11/05/07, 6:31 pm

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: co-signer of a car loan

Actually and unfortunately, it is you who put yourself into this position. There is nothing you can do against the other co-signer as I would guess she is without any assets or prospects. (she is responsible to you for her portion of the payments but you are still responsible for the full amount to the loan company...sorry). There is a way to avoid these situations in the future...do not cosign for loans.

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Answered on 11/05/07, 8:06 pm


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