Hi. I was dumb enough to co-sign a auto loan approx. 10 years ago (1997). Well, the person whom I co-signed the loan for made the payments for a few months, but stopped paying after they lost their job. I was given possession of the car & started making payments. However, the extra burden caused me to be late a few times. Well, the person I co-signed for got tried of the collectors calling them everytime I was late, so they took the car without telling me & they called the lender to come repo it. That was during the summer of 1999. I explained to the lender what happened & I told the lender that I would try to do my best to make the payments if I could have the car back, but that without the car I didn't see the point. Well, they said it had already been repo'd & that it was too late. It was later sold @ auction & I was contacted that a remaining balance of approx. $3000 was due. Well, I hadn't heard anything about it since them, except that I was told that it had been written off. However, I recently got a call saying that it was now out of collections & that they had contacted the borrower & since they were unable & unwilling to pay & since I am the co-signor of the loan, that they were going to turn it over to their legal team unless I agreed to work something out. However, it is not showing up on my credit report & it has not for some time.
My questions are... Is this legit? Why are they waiting so long to do anything? It's been almost 10 years since the loan was signed & 8 years since the repo. What action should I take? Any advice/help would be appreciated.