What is the name of your state? Texas
I was the co-borrower on a truck purchased in California in 2002. Just this last January the truck was repossessed by the finance company because the other borrower on the truck filed Chapter 7 Bankruptcy and the finance company assumed I had filed along with this other person. This other person lives in Arizona and I had possession of the truck. I called the finance company the morning of the repossession and they wouldn't work anything out with me because the loan was discharged through the bankruptcy court. I feel that since I was the co-borrower and I didn't file bankruptcy the finance company should have worked something out with me. The man with the company (Capital One Auto Finance) told me I would have to get a new loan, but that I only had 10 days to do it before the truck would go to auction. I lost 2 days of work dealing with this fiasco, had to rent a car and then purchase a lemon of a used car because my credit report showed the repossession on it. I need to know what recourse I have in this situation. Do I deal with the finance company or do I deal with the other borrower on the truck or both? I'm so frustrated not to mention I was in the process of purchasing a house and my credit wasn't the greatest, but the repossession screwed everything up for me. Am I only going to get away with possibly getting my credit report cleared up? I'm afraid I'm caught between a rock and a hard place as usual. Thanks for any help I can get with this matter...
I was the co-borrower on a truck purchased in California in 2002. Just this last January the truck was repossessed by the finance company because the other borrower on the truck filed Chapter 7 Bankruptcy and the finance company assumed I had filed along with this other person. This other person lives in Arizona and I had possession of the truck. I called the finance company the morning of the repossession and they wouldn't work anything out with me because the loan was discharged through the bankruptcy court. I feel that since I was the co-borrower and I didn't file bankruptcy the finance company should have worked something out with me. The man with the company (Capital One Auto Finance) told me I would have to get a new loan, but that I only had 10 days to do it before the truck would go to auction. I lost 2 days of work dealing with this fiasco, had to rent a car and then purchase a lemon of a used car because my credit report showed the repossession on it. I need to know what recourse I have in this situation. Do I deal with the finance company or do I deal with the other borrower on the truck or both? I'm so frustrated not to mention I was in the process of purchasing a house and my credit wasn't the greatest, but the repossession screwed everything up for me. Am I only going to get away with possibly getting my credit report cleared up? I'm afraid I'm caught between a rock and a hard place as usual. Thanks for any help I can get with this matter...