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What are my rights if I co-signed a car loan and it's in collections?

asked by KimP (20)

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Tags:  finance  legal  loans

answers

If you are the co-signer, you have the same rights an any other debtor. You are responsible for the debt and collection efforts will be directed at until the loan is paid or at least brought current.

reply
posted by patti (17701)
7 votes

If the other party is not making the payments the collection company will come after you because you are just as liable. They are not going to allow you to remove your name regardless of the circumstances. If it charges off your credit will take a major hit on your credit report.

5 votes

Contact the lender! This may very by location, but you should be able to take possession of the car, and sue the primary signer for the previous balance.

4 votes

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