Hello,
First of all, thank you in advance for your help.
So this is my situation: I cosigned a secured personal loan for a friend in California. He used his car as collateral. Fast forward 12 months, he stopped making payments, and he ended up moving to Washington. I don't know where the car is, but I believe that a friend of his in California might have it. I made payments on the loan because I did not want it to affect my credit score. Well, I lost my job this year and can't make payments on it anymore. He has been non-responsive and ignores my calls. We are now late on payments for about 2-3 months.
The car is worth about 1.5K (since last time I spoke to the rep) and the loan is a little over 5K. Original loan was for about 8K. The creditor sends statements to WA, and send them to me only when I request for
If the car is found, does the deficiency become unsecured debt? Would they try to collect in CA or WA?
If the car is not found, what would my alternatives be? Would the big bank file a lawsuit in CA or WA?
Thank you again!
First of all, thank you in advance for your help.
So this is my situation: I cosigned a secured personal loan for a friend in California. He used his car as collateral. Fast forward 12 months, he stopped making payments, and he ended up moving to Washington. I don't know where the car is, but I believe that a friend of his in California might have it. I made payments on the loan because I did not want it to affect my credit score. Well, I lost my job this year and can't make payments on it anymore. He has been non-responsive and ignores my calls. We are now late on payments for about 2-3 months.
The car is worth about 1.5K (since last time I spoke to the rep) and the loan is a little over 5K. Original loan was for about 8K. The creditor sends statements to WA, and send them to me only when I request for
If the car is found, does the deficiency become unsecured debt? Would they try to collect in CA or WA?
If the car is not found, what would my alternatives be? Would the big bank file a lawsuit in CA or WA?
Thank you again!