Legal Question in Credit and Debt Law in Pennsylvania
Friend left me with loan
I helped a friend with getting a car. She lost her job and hasn't gotten a new one. She has not called or told me nothing about the car. She started missing payments and I found out through loan company. The car has been reposesed and sold at auction and there is a remaining balance. I got the paper and e-mailed her immediately and told her to call the people and talk to these people. She told me she would ,well she hasn't and now they are threating to me to court. I was the co-signer on the car.I have the message she told me she would call them. What do i do is there anyway I can make her take care of her own responsilbilty.
1 Answer from Attorneys
Re: Friend left me with loan
This is why you shouldn't co-sign a loan. If someone asks you to co-sign a loan for a car, buy the car in your name, register it in your name, write up a contract with the other person to pay you, and then, when it is paid off, transfer the car to their name.
To answer your question, you are responsible for the loan (the balance remaining) because you co-signed the loan. It also will reflect negatively on your credit report, causing you other problems down the road.
You could pay the finance company, and then sue your friend for the amount, get a judgment, and have about as much luck in collecting payment from her as the finance company had.
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