Legal Question in Business Law in Texas

Car Financing Arrangements

In June 2005 I agreed to help a friend finance a vehicle. Because of her credit history, the dealership arranged her financing so that I would be the main buyer and she would be the cosigner on the vehicle. However, she would be responsible for payments, insurance, etc... for the vehicle. (By the way, I got a new car from the dame dealership at the same time she did.) My name is on the title and appears in vehicle registration documents. I moved to another city in January 2006, and sent her a letter (that she signed for) detailing our arrangement. Up until May or April of 2005 she was making payments on the vehicle. After that, she hasn't made a payment on the vehicle for a year now. The Finance company didn't send me notice or call to let me know the bill was late until the vehicle was 2,000 pass due, eventhough I gave them my contact information and asked that they call me ASAP if this situation ever arises. Because they can't locate her, their sending me the bill (no 3,000+ pass due to pay). I've explained and re-explained to them that I don't have the car, I don't know where she or the car is, and I have my own car note (which was higher then hers) to pay. What can I do to locate the car and save my credit???


Asked on 3/23/07, 10:03 am

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: Car Financing Arrangements

Hire a licensed private investigator at $75 -$90/hour. have a repo truck ready. Pick up the vehicle. Maybe you can sell it for the delinquency and the past due balance. Probably not. You're in a real pickle. You are responsible for this debt as well as your own. Good Luck.

Read more
Answered on 3/23/07, 10:39 am


Related Questions & Answers

More Business Law questions and answers in Texas