What can I do if I co-signed a car loan for friend who know refuses to make the car payments since his car was totaled in an accident?

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What can I do if I co-signed a car loan for friend who know refuses to make the car payments since his car was totaled in an accident?

He let his car insurance lapse and was in an accident. Now he refuses to make payments on a car that he cannot fix. Is there any legal action I could take against him for dropping the insurance without my knowledge?

Asked on January 21, 2015 under Accident Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

You can't sue him directly for dropping the insurance. However, IF you have to pay any portion of the loan (because you co-signed and he is not paying), such as if the lender looks to recover payment from you, then you could sue your friend to recover any damages or other amounts, costs, fees, etc. which are forced to pay, and which you would not have paid but for his breach of contract (refusing to pay) and negligence (not maintaining insurance).


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