If I co-signed for a car but it went to the city pound and the orginial owner stopped making payments on the car, can they take a car?
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If I co-signed for a car but it went to the city pound and the orginial owner stopped making payments on the car, can they take a car?
Asked on April 4, 2012 under Bankruptcy Law, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Okay, thre are a few steps missing here. You co-signed for a car loan. The person defaulted and now the creditor is trying to repossess the vehicle, correct? In the meantime, it has been impounded. For what? Parking tickets? If you are asking if the creditor can come after the car to reposess the answer is yes. They will bail it out and tack those dfees on in addition to the default amount. And yes, you will be liable as a co signor. Please get legal help asap. Good luck.
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