help with auto repossesion debt

Date: Wed, 04/01/2009 - 05:13

Submitted by anonymous
on Wed, 04/01/2009 - 05:13

Posts: 202330 Credits: [Donate]

Total Replies: 2

Hello, I cosigned on a car that was repossesed and now the creditors who work for capitol one auto ae coming after me with the possibility of garnishing my check. I did this as a favor and never drove the car what are my options. I was offered a settlement but the the bank declined me a loan. Any help would be appreciated. I live in illinois if thats any help.

Sadly, when you cosign a loan you are commiting to pay for the c

Sadly, when you cosign a loan you are commiting to pay for the car if the person you cosigned for defaults.?? I don't think you really have too many options here.?? I would try to negotiate a monthly payment plan to get it taken care of.?? It would be better than having your wages garnished.
??

lrhall41

Submitted by sassy_lil_brandy on Wed, 04/01/2009 - 09:58

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Ditto what sassy said. However you might have recourse dependin

Ditto what sassy said.
However you might have recourse depending if you a re considered a co-buyer or a guarantor.?? As a co-buyer, the car would also be registered in your name, and your name on the title.?? In that case, they can come after you at any time for the balance owed.
If you are considered a guarantor, then legally they have to exhaust all collection efforts on the primary debtor before they can come after you.??

lrhall41

Submitted by DebtCruncher on Wed, 04/01/2009 - 15:47

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