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Co-applicant on car loan

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M

mugwump

Guest
My 18 yr old daughter co-signed a car loan with her then fiancee. Before the first payment was made, they parted ways and he left the state with the car. His whereabouts are unknown. He couldn't get the loan by himself but with her added income, which isn't much, put them in the position for the loan to be approved. Have received a letter from a lawyer from the financial institute demanding either the car or $16,000.
I notified the collection department of this fin. inst. as soon as we found out this young man had left the state with the car. I was told that the only way that they could look for the car is if my daughter declined to make payment on the loan at that time. Any ideas?? We're located in North Carolina.
 



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