Repossed vehicle

[dawnw61]

We live in florida. my husband was a cosigner for his son's auto loan. when it was repossed we tried for 2 months to get the information needed sent to our credit union from ford motor credit but they never sent it even after we called them 3 times a week. we finally recieve a letter that said the car was being sold. that was 1 yr ago and we have not been contacted at all by ford credit. now in the last few days we recieved a letter and calls from a lawyer stating we owed x amount of money for this car. is my husband still responsible even though they never sent us any thing to inform us that we owed money after the car was sold.

 

[JETX]

Yes. That is one of the 'privileges' of being a co-signer on a note. If the primary defaults, the secondary is 'on the hook'.

And if the car is reposessed and sold, the borrower (or co-signer) is liable for any 'damages' (difference in amount owed, plus legal costs, plus repo fees, plus auction fees, plus penalties, plus interest, minus net sales received from the auction).