My question involves an auto loan or repossession in the State of: FL
Embarrassingly enough, in 2007 I co-signed an auto loan for my sister-in-law, obviously not knowing what I was getting into. Within 8 months she had been over a month delinquent and been dropped from her insurance company, never having informed me of either. When this happened, I had to take over the payments because she said she couldn't afford to pay it anymore. At this time I discovered that she had rolled a $5000 personal loan on to the auto loan of $5500, leaving me with a car that owed twice what it was worth. I've had the car in my possession in NC for almost two years but because of the negative debt am unable to trade-in with my other car for a new one.
My question is, since the co-signer still tells me she can't make payments, can I sue her for the amount of the personal loan that's tacked on top of the auto loan?
We are both listed on the title, stated as an "or" contract.