What to do if I co-signed on a vehicle for a friend that person no longer talks to me and has stopped making payments.

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What to do if I co-signed on a vehicle for a friend that person no longer talks to me and has stopped making payments.

About 6 years ago, I co-signed a truck for a friend at the time. Before I signed we had a verbal agreement that because she would be in possession of the truck she would make all the payments. About 3.5 years ago she stopped talking to me and I can’t get a hold of her and I do not know where she lives now. About 6 months ago the bank started contacting me to tell me she had stopped making payments, and I am now liable. I have made some payments so my credit would not be negatively affected. Is there anything I can do?

Asked on April 4, 2012 under Bankruptcy Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You should seek legal help first in locationg her then in suing her for the payments that you have made and are making.  I would also ask your attorney if the law in your state would allow you to request that a court assign you the title, because the general rule is that you have no right to ownership but only a right to the debt. Not really a good case scenario.  Good luck. 


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