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Andrea Ray
Andrea Ray, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 82
Experience:  Over 5 years experience in consumer protection law and creditors' rights
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After I cosigned a car loan for my son, he lost his job and

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After I cosigned a car loan for my son, he lost his job and has been unable to pay the monthly payment. I made a total of $15000 in payments and can't do it any more. He has just gotten employed and the finance company has garnished my wages. Can they do this? and what options do I have. He refuses to sell the car and he lives in a different state.
The finance company can garnish your wages if they have a judgment for the outstanding balance. They would have had to have gone to court and gotten this judgment against you.

The only ways to get rid of the judgment is to pay the outstanding balance, or to file for bankruptcy, which obviously has other implications.

If you are a co-owner as well as a co-signer, you could repossess the vehicle from your son and sell it to recoup some of the money you have paid.
Customer: replied 7 years ago.
If the company went to court and got a judgment, wouldn't I have had to be informed by mail, email, phone etc. ..Also, you mention co-owner as well as co-signer. I am co-signer only..is there a difference
Yes, you would have had some form of notice, by mail or by a process server or deputy sheriff. If you haven't seen any paperwork with a case number XXXXX it, I'd suggest you talk to your employer's payroll department and see what paperwork they have that orders them to garnish your wages. Then you can work backwards from there and check with the courthouse on how you were supposedly served and when, etc.

Co-signer is just when you co-sign the loan. A lot of finance companies won't let you co-sign if you're not going to also be the co-owner. By co-owner I mean your name would be on the title to the vehicle, either by itself or along with your son.
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