co-signer

[sltorres]

What is the name of your state (only U.S. law)? Ohio

I co-signed an auto loan for my cousin. She let the car get repossessed. She is not willing to pay anything on what she owes. Allied, the finance company wants me to pay the entire amount and sue her for half. Im willing to pay half as i have been giving them monthly payments and i know its my responsibility but i dont understand why i have to pay all of it then pay for suing my cousin for her to pay her half. It also shows up on my credit report as the entire amount. I just need direction about what to do. Please help!!

 

[NIV]

What is the name of your state (only U.S. law)? Ohio

I co-signed an auto loan for my cousin. She let the car get repossessed. She is not willing to pay anything on what she owes. Allied, the finance company wants me to pay the entire amount and sue her for half. Im willing to pay half as i have been giving them monthly payments and i know its my responsibility but i dont understand why i have to pay all of it then pay for suing my cousin for her to pay her half. It also shows up on my credit report as the entire amount. I just need direction about what to do. Please help!!

You both are responsible for the full amount both together and as individuals.

 

[Zigner]

What is the name of your state (only U.S. law)? Ohio

I co-signed an auto loan for my cousin. She let the car get repossessed. She is not willing to pay anything on what she owes. Allied, the finance company wants me to pay the entire amount and sue her for half. Im willing to pay half as i have been giving them monthly payments and i know its my responsibility but i dont understand why i have to pay all of it then pay for suing my cousin for her to pay her half. It also shows up on my credit report as the entire amount. I just need direction about what to do. Please help!!

You are required to pay them for the full amount because you agreed to be responsible for the full amount. What did you think co-signing means? Additionally, don't take legal advice from the finance company. I see no reason for you to not sue your cousin for the full amount (except that it might exceed the small claims limit.)

 

[latigo]

What is the name of your state (only U.S. law)? Ohio

I co-signed an auto loan for my cousin. She let the car get repossessed. She is not willing to pay anything on what she owes. Allied, the finance company wants me to pay the entire amount and sue her for half. Im willing to pay half as i have been giving them monthly payments and i know its my responsibility but i dont understand why i have to pay all of it then pay for suing my cousin for her to pay her half. It also shows up on my credit report as the entire amount. I just need direction about what to do. Please help!!

I'll tell you what. If you think that you are only responsible for half, then find something in the loan agreement limiting your contractual commitment to one half. Otherwise, willing or not, you are stuck for the whole wad!

Now concerning this business of Allied wanting you to sue cousin for her half. Forget it! Because you co-singed the note as an accommodation and not as a recipient of any of its benefits, ONCE you pay off Allied you are entitled to full reimbursement from cousin. Not just one half.

Or if you wait to be sued by Allied you can bring cousin into the lawsuit seeking a judgment over against her for any Allied gets against you.

Next time a relative asks you to help them obtain transportation, loan them yours. Might be cheaper.

 

[adjusterjack]

i dont understand why i have to pay all of it then pay for suing my cousin for her to pay her half. It also shows up on my credit report as the entire amount. I just need direction about what to do.

Because that's the risk you take when you are foolish enough to co-sign for somebody who can't qualify for credit with a bank.

The reason the bank wants a co-signer is because it knows damned well the borrower isn't likely to pay it back and wants another fish on the hook.

Expensive lesson from the school of hard knocks.