Re: Elderly Co-Signer on Auto that was Reposessed and Sold
I'm afraid your dad is on the hook here for the loan. He co-signed to be responsible for the loan if the "original" borrower defaulted on the loan.
However; if the creditor would sue your dad for the loan & get a judgment against him & he has no assets, there will be nothing for the creditor to collect from (seize). (unless he possibly comes into some assets in the future or his estate has assets to collect from at his death)
The SOL on a judgment in Il. is 20 years.
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