What to do if I turned my vehicle over to my co- signer who let the account go delinquent?

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What to do if I turned my vehicle over to my co- signer who let the account go delinquent?

I turned my truck over to my father who is the co-signer. While he was driving the truck it caught on fire and was not fixable. The insurance gave my father a check for the amount the truck was worth. He took the check and did not payoff the loan. It now shows “account closed—- delinquent” on my credit report. Is this something I have to live with, my father screwed my credit, or can I sue somehow? Is there a way to get this vehicle off of my credit?

Asked on June 23, 2011 under Bankruptcy Law, California

Answers:

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

Answered 10 years ago | Contributor

Yikes!  I am really sorry for your situation.  Your Dad did you a dis-service here and unfortunately unless you pay off ht account it will remain on your credit report.  What's worse is that you may be sued in the very near future for the balance of the loan.  I would try and resolve the matter with your Father as soon as you possibly can.  Were you both on the loan agreement?  Were you both on the check from the insurance company?  Did he forge your name to deposit the check>  These are issues to think about and discuss with an attorney should it come to that.  Good luck to you. 


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