<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by rwebbie:
I co-signed for financing on a used car, and after paying on the car for five months the person I co-signed for missed two payments and they repossessed the vehicle. The financial company never contacted me, to let me know 1. that the account was behind 2. that they were repossessing the vehicle. as a co-signer is there any legal remedies that I can consider to let this company know that I am angry about not having the chance to assume my responsibilities before the vehicle was repossessed?<HR></BLOCKQUOTE>
My response:
I researched South Dakota law and could not locate anything on the subject. Not that it will help you, but in California we have a law that covers your subject:
"Motor Vehicle Loans Provides that any creditor who requests a cosigner as a condition of extending credit on a car purchase loan be required to give the cosigner a written notice of delinquency prior to repossessing the motor vehicle upon the buyer's default on the loan. Provides that persons liable for any default on a motor vehicle conditional sales contract be given notice of his/her liability for the payment of interest on any deficiency balance upon the sale of the repossessed vehicle from the date of sale to the date of entry of judgment, as specified."
If you haven't already done so, try calling the creditor and see if they will release the car to you.
IAAL
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