Am I no longer responsible for cosigned car loan?

[extery109]

What is the name of your state (only U.S. law)? Virginia

I cosigned a car loan for ex-brother in law (I did it when I was still married to his sister) 3 years ago.

About 3 months ago the bank told me that he hasn't made a payment since January so right away I sent the bank a letter telling them to sue my ex-bro and that I will not be responsible if they do not.

So they never sued my ex-bro and now he's filing for bankruptcy.

Do I need to do anything to keep from being held responsible for the car loan or have I done all that's required of me?

Thank you much.

 

[Zigner]

What is the name of your state (only U.S. law)? Virginia

I cosigned a car loan for ex-brother in law (I did it when I was still married to his sister) 3 years ago.

About 3 months ago the bank told me that he hasn't made a payment since January so right away I sent the bank a letter telling them to sue my ex-bro and that I will not be responsible if they do not.

So they never sued my ex-bro and now he's filing for bankruptcy.

Do I need to do anything to keep from being held responsible for the car loan or have I done all that's required of me?

Thank you much.

You can (and likely will) be required to pay the balance of the loan. Your letter to the bank trying to extricate yourself from your previous bad decision means nothing and will not change the obligation you agreed to with the bank.

 

[dfromnyli]

Yes, unforunately you signed a contract with the bank. If your ex-brother in law filed a chapter 7 and gets discharged the bank is only going to be able to come after you for the balance.

 

[extery109]

Why does my letter mean nothing? How was I supposed to do it? I sent it certified with a return receipt (in case you thought I mean regular mail).

 

[Zigner]

Why does my letter mean nothing? I followed the law, didn't I?

Please point out the law that you think you are following...

 

[Just Blue]

Why does my letter mean nothing? How was I supposed to do it? I sent it certified with a return receipt (in case you thought I mean regular mail).

You signed a contract. Your divorce didn't nullify said contract. Your "letter" doesn't nullify said contract. You owe the money. If you have to pay off the loan you can go after your ex BIL.

 

[extery109]

Can I get help from somebody who already understands the law?

 

[Just Blue]

Can I get help from somebody who already understands the law?

You already are.

 

[Zigner]

Can I get help from somebody who already understands the law?

Let me type it more slowly...

What "law" do you think would release you from your contractual obligation in this instance?

 

[extery109]

I don't mean to be rude, but I was hoping for some help from somebody already familiar with the laws. Maybe I need to see a specialist.

 

[Mass_Shyster]

I don't mean to be rude, but I was hoping for some help from somebody already familiar with the laws. Maybe I need to see a specialist.

There's nothing special about what you are asking.

You promised to do something. (formed a contract)

You changed your mind, and are asking for the other party to release you from the contract. There is no good reason the bank should release you from the contract. When you co-signed, you agreed to pay if the primary borrower failed to pay. That is what has happened.

If you want more information, google "contract modification" and "additional consideration".

 

[Zigner]

I don't mean to be rude, but I was hoping for some help from somebody already familiar with the laws. Maybe I need to see a specialist.

YOU POSTED:

Why does my letter mean nothing? I followed the law, didn't I?

THEN, you edited your post to ask a different question.

YOU stated that you were following the law. I am asking what law you think you were following, since your statement implied that you felt you were following some sort of procedure that might have been specific to your locale.

YOU signed a contract agreeing to pay if the other party didn't pay. A contract is an agreement between two (or more) parties and CANNOT be changed unilaterally, meaning that you cannot change the terms of the contract without the consent of the other parties.

 

[extery109]

There's a law in Virginia that says that a cosigner does not have to pay if he sends a letter to the bank that it needs to sue the the signer of the loan (not the cosigner).

I don't know the law's number. If I knew everything about it, then I wouldn't be asking questions here.

But it seems that yall's knowledge of the law is less than mine, so even if I gave you the law's number I don't see how you could advice me about it.

I need to talk to someone who already understands the laws and who doesn't need to ask the person who asked the original legal question.

Thanks for your time. I'll just move along and find somewhere else to ask my question.

 

[AnotherMoron]

There's a law in Virginia that says that a cosigner does not have to pay if he sends a letter to the bank that it needs to sue the the signer of the loan (not the cosigner).

Who told you that? Because I highly, highly doubt that.

I need to talk to someone who already understands the laws and who doesn't need to ask the person who asked the original legal question.

You. Already. Have. Been. Talking. To. People. Who. Understand. The. Law. If you want to go pay an attorney 500.00 to be told the exact same thing, be our guest. You weren't being asked a legal question, you were being asked which law you thought you followed. The reason you were asked that is because no such law exists. They were trying to make a point, but it was apparently too subtle for you.

Thanks for your time. I'll just move along and find somewhere else to ask my question.

Ohhh, now it's clear. You don't want the right answer, you just want the one you want to hear. Ok, in that case, here's your answer, free of charge:

Yes, you are absolutely and totally absolved of all responsibility for this loan you contracted to pay back. Your letter completely undid the legally binding contract and you can now live your life knowing you will never have to pay back the money YOU (yes, you) borrowed. You're absolutely right that things work this way and honestly, I'm shocked, SHOCKED, that more people don't take advantage of this. As a matter of fact I'm going to send a letter to the student loan folks right now and tell them that because I can't find a job, I don't feel I have to pay. I'm sure they'll accept that instead of payment.

 

[Zigner]

The reason you were asked that is because no such law exists. They were trying to make a point, but it was apparently too subtle for you.

BINGO! Give the man a prize!