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DrakeLAW, Lawyer
Category: Legal
Satisfied Customers: 741
Experience:  Attorney at Drake Law Firm PLC
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I am so frustrated because I co-signed for a car for my

Customer Question

Hi I am so frustrated because I co-signed for a car for my neighbor and to be honest with you. I was not sure of what I was doing. I have 2 grown children, 5 grand and 1 great grand who I assist financially. Abt 10 weeks ago I fell in my apartment and fractured one of my knees. The meds that the doctor gave me had codine in it and my memory has change somewhat. I have a doctor's apt on oct 4 with a neurologist to see if there has been a permanent memory change. I am 77 yrs of age and I will be 78 in January. We have gone up to the dealers twice and they refuse to take the car back because I co signed. I am afraid because if the payments are late or not paid I am responsible. I have NYS teachers retirement and social security as a monthly income. What can I do
Submitted: 9 months ago.
Category: Legal
Expert:  DrakeLAW replied 9 months ago.

Hi, my name is ***** ***** I look forward to helping you, please give me a moment to review and possibly research answers to your question.

Expert:  DrakeLAW replied 9 months ago.

I am sorry to hear about your recent injury and the whole situation. Unfortunately, if you co-signed you are going to be held to it unless you can show you were under duress or incapacitated. The problem is to show that you would have to have a doctor's expert opinion proving that was the case at the time you co-signed and would have to do all of that through a lawsuit. That is probably not something you want to get involved with.

Best you can do is hope the person pays, if he/she does not the car lender may file a lawsuit for the difference in the price of the vehicle after foreclosure and the amount of the loan. At that point, you will have to try and work out something between them and your neighbor.

One spot of good news is that social security income is exempt from being taken by any creditor.

It is clear talking to the managers and creditor are not going to do anything.

I wish I had a better answer for you but I hope this gives you some understanding.