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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33703
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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The car that I financed over a year ago only ran for 2

Customer Question

The car that I financed over a year ago only ran for 2 months. I've been making payments for almost a year on what I now consider a very large brick. I am preparing to do a voluntarty repossesion.I can no longer continue to payments, I need a car for medical purposes and my only income is SSDI. A Friend offered to Co-sign on a different car for me but backed out because he fears that a repossession could put him on the line for my current loan. Can I be sued for the balance of the loan? And more importantly could he be sued if he Co-signs on a different loan?
Submitted: 19 days ago.
Category: Legal
Expert:  Barrister replied 19 days ago.

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...

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Can I be sued for the balance of the loan?

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Legally yes. If you default on the loan, they will repo the car, sell it at public auction, and then could sue you for the deficiency that results from the sale.

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However, if you don't have much in the way of assets, and your only income is SSDI, it is exempt from creditors so it may be unlikely that they would actually spend the money to sue you if they can't collect on any judgment and have to pay an attorney thousands to sue you.

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And more importantly could he be sued if he Co-signs on a different loan?

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No, not at all. A new loan has nothing to do with the current one and the friend has no connection at all to the current loan since they aren't a co-signer on it. So there is zero chance they could sue your friend if you default on the current loan.

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thanks

Barrister

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