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  1. #1
    Join Date
    Jan 2007
    Posts
    3

    Default Co-Signed Car Loan

    My husband has co-sign and auto loan for our son. My son was not able to pay the loan and now the car has been repossessed and sold. My son lives in TN and we live in OK. Just received a letter "Notice of Sale of Repossessed Property and Explanation of Calculation" which my husband now owes (as the co-signer) $10,000. The financial company sent all documents to us, indicating that they were going to sell the vehicle and that we still could get the vehicle back if we come up the outstanding amounts owed. Should my husband contact the financial company to make some type of payment? I told him to start paying at least $50 a month, until we can get some of our bills paid. Our son is neither reliable nor responsible to help pay this back. What is the right way in handing this matter?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Co-Signed Car Loan

    It appears the car has already been sold and your husband is left merely responsible for the deficiancy. If they will accept payment or not is up to the creditor. If they will not and your husband refuses to pay, the creditor may sue and be awarded a judgement.

    The creditor will then be allowed to take any legal measures to recoup the judgement.

  3. #3
    Join Date
    Jan 2007
    Posts
    3

    Question Re: Co-Signed Car Loan

    Can this deficiency be negotiated? And would it be advisable to take out a loan to pay the deficiency off? I don’t want my husband to have to go through the courts, which could involve a lawyer and an extra expense. I know he owes the money, just want to do the right thing.

  4. #4
    Join Date
    Jan 2007
    Posts
    3

    Question Re: Co-Signed Car Loan

    Does anyone know if the "Debt Relief" (which is an advertisement on Expert Law), specifically “Freedom Debt Relief” is it legit?

  5. #5
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Co-Signed Car Loan

    The advertisements are matched contextually by Google, and their appearance is not an endorsement.

    Here are some tips on using a debt management service.

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