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  1. #1
    Join Date
    Jan 2008
    Posts
    3

    Default Cosigned A Loan On Repossessed Car

    Back in the spring 1990 I cosigned a car loan with a now ex boyfriend. Shortly after that he stop making payments and the car was repossessed. I never heard another thing until I went to get a mortgage in 1997 in which it showed up. At that time I contacted the bank in which digging into their records I was told that it had be in default but it was written off. I have never heard another thing about this until yesterday, a collection agency called from Minnesota (I live in Indiana) and stated that I had until Monday to pay off the settlement or I would be summoned to court. He stated that they had purchased the debt and that the ex had made some payments but had stopped back in 2001. They have been trying to contact him by phone, but have been unable to talk to him. I don't have any idea as to the date of the repo or when the car was sold or even when and how many payments were made up to 2001. Is there anything I can do? Do they have the right to demand payment that quickly? He's going to email the info because I asked for proof. Shouldn't have been contacted earlier than this? My phone has remained the same.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Cosigned A Loan On Repossessed Car

    The car sale occurred in what state?

  3. #3
    Join Date
    Jan 2008
    Posts
    3

    Default Re: Cosigned A Loan On Repossessed Car

    The car was originally purchased in Indiana

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Cosigned A Loan On Repossessed Car

    I believe the statute of limitations on a contract for the payment of money is six years in Indiana, so if the payments stopped in 2001 (with the payments constituting a novation of the debt, restarting the statute of limitations), the debt would seem to have again expired in 2007.

  5. #5
    Join Date
    Jan 2008
    Posts
    3

    Default Re: Cosigned A Loan On Repossessed Car

    would my original contract be voided once he made arrangements to make additional payments (sometime after 1997, because up to that time he hadn't made any), so that now he would assume the new debt?

    If the collection agency does summon me to court, can they only sue me or would it automatically be the both of us.

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