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| *Ostroff, Fair and Company>>>Credit |
My friend co-sign for his spouse a car 2gether, they split, she takes off w/car. Cred. calling, what 2 do? |
My friend co-sign for his spouse a car 2gether, they split, she takes off w/car. Cred. calling, what 2 do? Co-sign means responsible for the loan in case the primary borrower defaults on the loan. Default on that loan will reflect negatively on your credit report. I'd make sure those payments get made and keep track of where the car is. If the ex and car do a vanishing act, you will get to pay for the loan and have nothing to show for it. Sorry but your friend is responsible to pay the loan. yea, if he co-signed, then he's liable He's liable. Find her and take her to court is the only solution. Sadly, your friend is obligated to pay the loan, regardless if he has posession of the car or not. This happens even in divorce cases, people are often misunderstood where a spouse in the agreement agrees to take posession, however, if the loan is not refinanced in their name only, releasing the other person's obligation, and they default on loan, the other party is still responsible. The loan supercedes the judges decision, they can only make the payment, and file suit against the other party for failing on the judge's decision on the decree. If he is a cosigner, he's legally responsible for the loan. If she didn't make payments, the bank will go after him. Sounds mean but there's not much he can do. Maybe he can make arrangement to pay his part of the loan. He can't get out without paying for it if that's what you are asking. When he makes arrangment to pay his part. He should ask them to put in writing so they won't go after him after he met all of his responsibilities. Auto finance is what I do for a living and like every one else said, your friend is responsible for the debt. He needs to make sure the payments are made so his credit is not ruined then find the car and the ex-wife. Take the car and sell it for as much as he can get and payoff the balance if there is one. Then take his ex to court to recover damages. |
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