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  1. #1

    Unhappy Co-Signed For A Friend Who Defaulted

    I co-signed for a close friend last year on a 2005 Honda Civic VP. She just told me a couple of weeks ago that she couldn't make the payments. She is now two payments behind. I can't afford the monthly payments and she can't refinance the vehicle in her name at this time. Her credit is in the 400's and she just got a new job. I want to sell this vehicle but I will be upside down about $3000. What are my options at this time? We live in California and I just took the car the other day. It is in my possession now. We are both on the pink as joint ownership I think. It's labeled as ör" and not änd" on the pink.

    Thanks!

  2. #2
    Join Date
    Mar 2005
    Location
    Florida
    Posts
    435

    Default Re: I co-signed like an idiot...

    you can voluntary repo the car to the financer and owe them money.

    or you can sell the car yourself, pay the financer, and still probably owe some money, but probably less.

  3. #3

    Default Re: I co-signed like an idiot...

    Update!

    I think that I'm going to trade it in with my own vehicle and purchase another car. The upside down portion is going to be on my new car but at least I will not have two car payments.

    Here's my question: Can I sue her in court for the upside down value? Small claims court since it will be less than $5000? Would it be even better if I had a letter notarized stating that she will be responsible for the payment?

    We live in California.

    Thanks!

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