Co-signed car loan. Need advice

[Stacey123]

indiana


I know this thread is from years ago...hoping you’re still able to respond. I co-signed on a car in 2014 for a friend. April 2015 was the last time this person made a payment, and took the car across the county (Arizona—I live in Indiana). May 2015 I received a letter from the bank stating a payment was missed. I called the bank directly (because the person I co-signed for was not returning my calls) the bank told me they actually talked to this person and they are making a payment. I said great...fast forward to August 2015 the bank calls me and says the payments have not been made since April 2015 and the person is no longer carrying insurance on the car so the bank is having to pay for that too. First I had heard of this. The payments and insurance was so far behind at that point i couldn’t catch it up. I pleaded with this persons family to let me know where he is so I could get the car. About 6 months later he visited family in Indiana, his son called me and let me know where the car is. The bank repossessed it at that time. February 2019 I received a letter from WWR Addressed to My first name and the person who had the cars last name. That has never been my name...they said if I didn’t respond they would enforce legal obligations. I called them back. The car was purchased for 14,414 dollars...the balance due was 26,683 dollars. I told them I could pay 2000 and that is all I could do. The man on the phone said he would discuss this with his partners and call me back. I didn’t heard a thing from them until 10-2019 when I got another letter, this time stating the balance was 18k. This letter didn’t state anything about legal action. I would like some advice on how to proceed...the letters have all come to me with an incorrect last name. A name that has never been my name. I also live in Indiana. From what I can tell WWR does not have an office in Indiana...can they still sue me?
I did receive a certified letter in 2016 from someone, can’t remember who but I think it was the bank...but it was addressed to this name that is the incorrect last name so I refused the letter and would not sign it...please help. Looking for any advice

 

[adjusterjack]

...can they still sue me?

Yes. And when they do they will figure out your correct name.

The statute of limitations in Indiana is 6 years for filing a lawsuit based on a written contract for the payment of money. You'll be vulnerable to a lawsuit and all its consequences for another couple of years.

https://law.justia.com/codes/indiana/2017/title-34/article-11/chapter-2/section-34-11-2-9/
WWR doesn't need an office in Indiana to sue you in Indiana.

I don't know what to tell you. When you co-signed you guaranteed to pay the debt if your friend did not.

The first (and only) rule about co-signing is never co-sign for anybody who needs a co-signer. A person needs a co-signer when a bank has decided that the person is too great a risk to lend money to. And you, as you have found out, weren't smarter than the bank.

 

[LdiJ]

Yes. And when they do they will figure out your correct name.

The statute of limitations in Indiana is 6 years for filing a lawsuit based on a written contract for the payment of money. You'll be vulnerable to a lawsuit and all its consequences for another couple of years.

https://law.justia.com/codes/indiana/2017/title-34/article-11/chapter-2/section-34-11-2-9/
WWR doesn't need an office in Indiana to sue you in Indiana.

I don't know what to tell you. When you co-signed you guaranteed to pay the debt if your friend did not.

The first (and only) rule about co-signing is never co-sign for anybody who needs a co-signer. A person needs a co-signer when a bank has decided that the person is too great a risk to lend money to. And you, as you have found out, weren't smarter than the bank.

Not everyone who needs a cosigner is going to falter on the payments. My mom has cosigned three car loans for me in my lifetime (my first car and two different cars after I had to file bankruptcy when I had to shut down my restaurant) and I never was late on a single payment. I myself was a cosigner on two different car loans and I did not get stiffed either.

Some who really needs their car is not going to risk it being repo'd by not making the payments.