co signing

i co signed for someone 4 years ago and the vehicle was reposed last month. There was still a remaining balance of $3,200. The bank that it was financed through settled with me and said if I paid $1600 my name would be taken off and they would send me a settlement confirmation. Can I take the person that I co-signed for to small claims court and sue him for the $1600? If so is there a chance that I will win this case due to being legally responsible as a co signer?

brittanybrae said:

i co signed for someone 4 years ago and the vehicle was reposed last month. There was still a remaining balance of $3,200. The bank that it was financed through settled with me and said if I paid $1600 my name would be taken off and they would send me a settlement confirmation. Can I take the person that I co-signed for to small claims court and sue him for the $1600? If so is there a chance that I will win this case due to being legally responsible as a co signer?

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Yes, you can sue the person you co-signed for. You would need to in order to recover your $1600 loss.

Yes is the correct answer.

When you co-signed a creditor, principal, surety relationship was created with the borrower as the principal and you as the surety.

A surety, upon payment of the principal's full debt, is subrogated to all rights,
remedies and securities which were available to the creditor.

What you’ll need in court is the original cancelled note as signed by both the debtor and you as surety

Plus, a receipt from the creditor or other proof showing that you paid the $1,600 in full satisfaction of the creditor’s claim for the deficiency.

Incidentally, when you paid off that note the creditor should have delivered it to you.