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Barrister
Barrister, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 33708
Experience:  Attorney with 15 years experience in various consumer protection areas
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If you co-sign to get a car and the don't pay.

Customer Question

If you co-sign for someone to get a car and the don't pay. The company that owns the car takes it back. the company neither the person got in touch with the co-signer until the car was sold. what are the co-signer rights. The car had already been repo and sold before the co-signer knew anything.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can..Unfortunately there is no legal duty for the creditor to contact a co-signer for a debt if the primary borrower defaults on the debt before they take action to repossess any asset. The co-signer's role in this transaction is just to basically be on the hook if the primary borrower default and doesn't honor the contract. The co-signer doesn't have any legal rights to redeem the property or get it out of repo status because they aren't a party to the contract, they are just agreeing to be liable if the primary defaults..So unfortunately, the co-signer in a car loan situation sits in the worst position because they don't have any rights to information about the vehicle, but have all the liability..At this point, if the primary doesn't pay off any deficiency, the creditor can come after the co-signer and sue them as well as the primary for the debt..I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience,even when I know the answer doesn’t make the customer happy.....thanksBarrister
Customer: replied 1 year ago.
I am not satisfied with the answer. You didn't tell me anything I didn't all ready know.
Expert:  Barrister replied 1 year ago.
If you have some specific question, I will be happy to answer it for you. But a "what are my rights" kind of question is general in nature so you get a general answer. But I can't come up with some secret right that you have to get off the hook for being liable for the debt because one doesn't exist. You do have the right to sue the primary borrower for anything that you might have to pay if they come after you for payment though if your agreement with them was that they would make all the payments and you wouldn't have to do so.

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