car "co-sign" stupidity

[aruray]

What is the name of your state? NJ

I loaned a car for somebody who was like my brother in real bad credit. it wasnt a co-sign thing it was solely under my name. he stopped the mortgage payment and took off. cops say i cant file for stolen car since he had the consent to drive the car. i dont want to pay for the car nor want an ugly record on my credit. what shd i do?

 

[JETX]

Regretably, you don't have the option of not 'wanting' to pay for a car that you no longer have.... you are obligated to pay it... and if you don't, the creditor could get a judgment against you and then seize any non-exempt assets that you might have.

 

[aruray]

ok then ill pay off the loan. but if a stolen car case is weak, what else can i do to get this guy?

 

[bigun]

Something makes no sense. Just because you lend someone a car, doesn't mean the consent is permanent. I'd go back to the police and damn well demand they take a stolen auto report and then, report it stolen to the insurance company.

 

[JETX]

Bigun is correct.

Your allowing someone to use your car to go to the store and their not returning it after a week or so.... is still theft. Simply tell them that you gave the person specific verbal instructions to return the car within a specific time. It wasn't, that is theft.

Just like your renting a car.... and then not returning it. You would be charged with auto theft.