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  1. #1
    Join Date
    Dec 2007
    Posts
    6

    Default What Can a Cosigner Do When the Borrower Defaults And Cannot Be Found, in New York

    Back in february 07 i cosigned for a friend/co-worker and there was verbal agreement that i will help submit payments from her bank account to honda online. Everything was going well til last week when i tried to submit it online and found out the previous month's payment was bounced due to insufficent funds.

    I tried contacting her phone which is disconnected and when I went to her apt, landlord said she moved out the night before. I can't find her at work because she's on medical leave due to pregnancy. None of our coworkers or employer has any contact info. She just disappeared.

    I know I have to payout this loan because I am the cosign and I know my name is not on the title. Repo is definately my last option but if I can't find her, how can repo find her and the car??

    I recently also saw the car and it has different plates from when she first got them. I remember her mentioning to me she can't afford car insurance right now so she cancelled it and parks it somewhere. So either the car is registered to someone in her family or she borrowed somebody's plates to help with the move.

    Right now all I want to do is find the car, sell it, and pay the difference and consider this a very epensive lesson.

    Is there a way to track her down somehow?? I have all her information such as DOB, SS#, Bank Account (which she hasnt touched in 2 weeks). Can I call the cops or any other legal way to get the car?? If the car is found can i have it towed or somehow locked up??

    Please help...any advice or suggestion will be greatly appreciated...thank you.

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

    Default Re: What Can a Cosigner Do When the Borrower Defaults And Cannot Be Found, in New Yor

    Right now all I want to do is find the car, sell it, and pay the difference and consider this a very epensive lesson.
    Not one of the options you have available to you. Your options are now, either pay the loan out of your pocket or not. If you do, then you get to sue your friend for the money. You cannot repo the car and you cannot sell it.

    Should you not pay the payments, both your friend and you can be sued. Since you are obviously the easier to find, guess who will get sued?



    Is there a way to track her down somehow??
    Yes, there are companies that do that sort of thing.

    I have all her information such as DOB, SS#, Bank Account (which she hasnt touched in 2 weeks).
    that stuff will help

    Can I call the cops or any other legal way to get the car??
    No criminal action here. The cops will tell yo uit is a civil matter.

    If the car is found can i have it towed or somehow locked up??
    Sure, if you want to be charged with acr theft. The car is not yours and you do not have a lein on the car. If you know where the car is, you can call the lender and tell them where it is and you do not intend on making any payments as you promised. Both you and your friend will have a repo on your credit report. You will still be liable for anything owed after the car is auctioned off, as will your friend.

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