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cosigned for car loan

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S

Sandra D. Newberry

Guest
i live in florida and april of this year i cosigned for a car for my daughter. because of the death of her father who lived in ohio, she fell behind on payments. she's now two months behind on payments and the 26th of this month will be three months. a guy working on behalf of the bank came to our house and talked to my daughter and told her if she pay one payment before the end of this month; it will help her out. but today we received in the mail a letter from the bank asking for the entire balance of the car loan plus interest and late fees. the car has not been repossed at this present time. my daughter is trying all she can to pay the one payment and then the other two payments august 1. what is our legal rights here and please give what advice you can to help us out.
 


I AM ALWAYS LIABLE

Senior Member
My response:

It's in the loan contract. There are words to the effect, that state, "Upon default, Bank has the option to accellerate payment of the entire balance due on this loan."

Your only option, as I see it, is to bring the money you owe on the back payments to the bank, and hope you can speak to a sympathetic bank manager.

Good luck.

IAAL
 

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