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i cosigned auto purchase for friend who is now gone with car-bank says i pay

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T

tbh251

Guest
help........friend goes to n.y. to get back with her x......she says x will continue paying for it.....i get a call saying it has been repoed......please, what can i do?...should i report it stolen?.....$11,000 left on balance of car that i can't use yet bank wants me to pay for
 


I AM ALWAYS LIABLE

Senior Member
tbh251 said:
help........friend goes to n.y. to get back with her x......she says x will continue paying for it.....i get a call saying it has been repoed......please, what can i do?...should i report it stolen?.....$11,000 left on balance of car that i can't use yet bank wants me to pay for
My response:

There's nothing you can do, except pay. You're the one who co-signed the loan. That means you are the guarantor of the loan, and the one the bank ultimately looks to for it's money. You're also the one the bank will sue to get it's money. But, by the time they have to sue, that $11,000.00 is going to mushroom geometrically when you add towing cost, storage costs, costs of the auction that will sell the car, the interest on the loan that keeps be added, the attorney's fees, the court costs, etc., etc.

You're on the hook. All you can do is say "Thanks, friend, for screwing me over."

IAAL
 

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