Co Signed for Car

North Carolina, I co-signed for a car under the smart buy program from GMAC. The primary buyer sold the car in a private sale with a contract. The second buyer made the payments and released the car at the end of the lease. The car had some damage and was 50,000 miles over the lease agreement. The second buyer has not paid for the excess miles and damage. The GMAC is now calling me for the money. I have a copy of the private sale contract. Can I be held legally responsible for the excess miles and damage? What should I do to get the second buyer to pay the balance?

"Can I be held legally responsible for the excess miles and damage?"
*** Yes.

"What should I do to get the second buyer to pay the balance?"
*** Nothing. You can't do anything to that 3rd party. You can however, consider filing a lawsuit against the buyer YOU co-signed for to try to get him to compensate you for your 'damages' (the amount you pay due to HIS allowing a 3rd party). Then he can go after HIS buyer.