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John
John, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 4654
Experience:  Licensed and practicing attorney experienced in consumer protection law.
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Two years ago I co-signed car loan. The next day the

Customer Question

Two years ago I co-signed for a car loan. The next day the dealer called said I had to be first on the loan cause the other person's credit wasn't good enough to be first. So the other person (Lorna) returned to the dealer and did the paperwork. Lorna has the car regesterd in her name and was making the payments on line. I never received anything from the bank or the dealer. This past week I found out that the car was repossessed. I was never notified by the bank that this was going to happen or that the payments were late.
I called the bank to find out why I wasn't notified and what the next step was. I was informed by the bank that both our names are ***** ***** loan and yes my name is ***** ***** and we are both responsible for payment. The bank didn't have my info to send me any
notices. they said their copy of the loan was blurry and couldn't read my phone number or address. Before they could talk to me I had to give them my address and phone number. Lorna hasn't made a payment since February that is why they took the car. Now Lorna has no intention on doing anything abut getting the car. I don't have the money to get it or make the payments. The bank did ask where I was working I'm unemployed Lorna does have a very good job. My question is after the car goes up for auction on 6/27/15 who is going to be liable for the balance of the loan. When the car was purchased Lorna had a car loan on her car that was used to trade in so the dealer put the balance due from her car onto this loan. Thank you so much for any help you can give me, Luann
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  John replied 1 year ago.
Hi, thanks for submitting your question today. My name is John. I have over 13 years of legal and consulting experience in this area. I’m happy to assist you with your question today.
You and Lorna would both be equally liable for the vehicle. It would be up to the bank to decide who (if anyone) they go after for the remaining balance of the loan. Sometimes they don't go after anyone because they recover enough from the auction that it's not worth their time/money to try to recover. Being that you are not employed, they don't have much chance to recover from you, so if anything, I'd think they would go after Lorna; but that's their discretion.
I believe this answers your question. However, if you need clarification or have follow-up questions regarding this matter, I will be happy to continue our conversation – simply reply to this answer. If you are otherwise satisfied with my response, please leave a positive rating as it is the only way I am able to get credit for my answers. Thank you, ***** ***** wish you all the best with this matter.

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