Legal Question in Credit and Debt Law in New York

co-sign for auto loan

I co-signed for an auto loan for my daughter, the car was repossed, then auctioned off. I had to pay the balance due ($20,00.00) after the auction as the loan listed me first. Can I sue her for this amount of money?


Asked on 10/13/08, 11:37 am

2 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: co-sign for auto loan

If there was an agreement for indemnification (to be made whole) between you and your daughter, you would be able to commence an action against your daughter under the agreement.

Mike.

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Answered on 10/13/08, 12:38 pm
jeffrey lazroe Jeffrey A. Lazroe attorney at law

Re: co-sign for auto loan

as an addition to the answer of Mr. Markowitz, since you were a co-signor you have the right to sue your daughter for contribution either partial or whole depending on how the contract was written. You should do so immeidately.

If you would like to retain the services of this office since we are near you, please feel free to contact us.

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Answered on 10/14/08, 5:13 pm


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