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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 22604
Experience:  14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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I cosigned a loan for our grandson for a truck. He has not

Resolved Question:

I cosigned a loan for our grandson for a truck. He has not paid the note and the truck is almost ready to e repossed. I am in contact with the bank, which told me that is we retured the truck it would go better for us, we went and ot the truck, but our grandson came and took it overnight, without permission or our knowledge. as of the 24th, he has no insurance on it, I have paid 3 months insurance and loan payments, but we are down to nothing and can't do it and even if we could I don't want too, our grandson will not keep a job and is smoking pot..We would like to know if there is anything we can do to try to protect ourselves or lessen the impact that this is having on us. Thank you.
Submitted: 8 months ago.
Category: Legal
Expert:  Barrister replied 8 months ago.
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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I am sorry to hear that your grandson has taken advantage of your willingness to help him. I hate it when a family member is put in this type of position when they try to help someone.
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Unfortunately, if he won't voluntarily agree to turn in the truck, then the lender will end up repossessing the truck and selling it if the payments aren't made. They would then be able to come after both you and grandson for any deficiency between what the truck sells for and what is owed.
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With that said, if you are forced to pay anything due to the repossession, you could file suit against grandson for any damages that you incur due to his breach of contract. When you cosigned for him, it was presumably with the agreement that he would make all the payments. If he has failed to do so, then he could be held liable for anything that you have to pay on his behalf.
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But if he has no assets and no job, then to be honest, this might be a judgment that you would be unable to collect on.
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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, even when an answer is not favorable to the customer.

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Thanks
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 22604
Experience: 14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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