Cosigning an Auto Loan
My question involves collection proceedings in the State of: Ohio
My son cosigned on a loan at a auto dealer for his girlfriend.
The dealership did not put him on the title.
So he can not just take the vehicle.
She rolled in 6000.00 of neg. equity on the trade in.
Are you feeling the pain?
She has since quit working, not made any payments, on the loan or insurance.
My son has tried to keep the loan currant, and has payed 2000.00 in payments.
After 3-4 months of her just driving around for FREE he is sick of it!
The bank has added insurance at 2000.00.
Is he liable for her neg. eq. in this loan?
Can he take her to court to try to recover anything.
He is now getting call from collections.
Where does he go from here.
He does have a lawyer due to a child involved with her, child support etc.
Thanks
chappy
|