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Car loan sold to another loan company did i have to sign…

Car loan sold to...

Car loan sold to another loan company did i have to sign again as copayee?

Lawyer's Assistant: What state is this in? And how old is the car?

Louisiana 2007 Toyota camary

Lawyer's Assistant: Has anything been filed or reported?

No they threaten to garnish my wages

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I'm the copayee that they placed me a primary instead of secondary.

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Answered in 6 minutes by:
8/13/2017
Law Educator, Esq.
Category: Legal
Satisfied Customers: 125,929
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
As a co-signer on a loan, your agreement is to pay in case the primary does not pay. Legally, they do not have to send you notice of the transfer and you did not have to sign again if the loan was merely transferred to a new company. They CANNOT make you primary when all you were was cosigner unless the primary has defaulted on the loan and in that case they can come after you for payment. If the primary had not defaulted and they have improperly changed the contract, then you need to pursue them for breach of contract if they are removing the other primary from the loan who was not in default. However, if the primary was in default on the loan, then they have a right to come after you as co-signer for payment as that is what the co-signer agreement is, to be liable to pay in the event the primary fails to pay and your recourse in that situation is to sue the primary for reimbursement of everything you are made to pay.
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Customer reply replied 11 months ago
Is there a number of days to be in default?
Thank you for your reply.
That is specified in the contract most all times. However, if the contract does not specify a number of days for default then they can place the loan in default the day after the payment was due and not received if the lender chooses.
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Customer reply replied 11 months ago
Is it illegal to call copayee and references just because the primary did not answer her phone?

Thank you for your reply.

No, I am afraid that to collect on a loan, the creditor can call anyone listed in the loan application to try to seek payments.

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Customer reply replied 11 months ago
Thank you I'm trying to see where i can rate you. I give you a 5

Thank you for your reply.

You should see the ratings at the top of your page, please check again.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 125,929
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
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