CAR REPOSESSION AND COSIGNERS

Date: Tue, 10/21/2008 - 15:00

Submitted by anonymous
on Tue, 10/21/2008 - 15:00

Posts: 202330 Credits: [Donate]

Total Replies: 2

I financed a car with my girlfriend as a cosigner to help build her credit.We have since split up and I do not know where the car is although we occasionally speak on the phone.I have tried to keep up the payments but due to other bills I have been unable to.I am now 3 months behind and they are SURELY looking for it.I have not replied to any of their calls as they want the money or the car. I have neither.
I am considering chapter 13 bankruptcy to hold them off.
what can they legally do to me in the state of MI for not returning the car(which I don't have) or not making payments at all and not claiming bankruptcy?

You may file BK but they will continue collection activities aga

You may file BK but they will continue collection activities against your ex. Why is she not making the payments????

lrhall41

Submitted by SOAPLADY on Tue, 10/21/2008 - 16:24

( Posts: 17315 | Credits: )

The main difference will be whether you are a co-borrower or a g

The main difference will be whether you are a co-borrower or a guarantor. Is your name on the car title/registration? If yes, then you are a co-borrower -- just as responsible for the debt as she is. If you're not on the car title, then you are considered a guarantor, and they have to exhaust their efforts on her before they can come after you.

Legally the worst they could do is sue you and go for a garnishment. Although if you file a 13, then you will end up paying for the debt while your girlfriend keeps the car. You might rather do a 7, then they can go after her for the balance.

lrhall41

Submitted by DebtCruncher on Tue, 10/21/2008 - 20:14

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