If 4 months ago my significant other asked if I would cosign for a vehicle for him and so I did but he has not refinanced it as promised, what are my options?
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If 4 months ago my significant other asked if I would cosign for a vehicle for him and so I did but he has not refinanced it as promised, what are my options?
He was unable to qualify for a loan, and I became the primary borrower. Our original plan was for him to refinance the truck in his name after 3 months. However, when came he did not refinance and has not told my the reason why. Now. he has cut off communication with me but still has possession of the truck; I do not have an address for him.
Asked on June 29, 2015 under Business Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
IF you can find him (e.g. find an addres for him), you could sue him for the amounts you have or become liable to pay as co-signor, since if he took and is getting the use of the truck, he would be liable to pay for it. You would sue under several theories: breach of his agreement with you to refinance and pay; unjust enrichment (it is unfair for him to take the truck and leave you liable for the loan); breach of the loan agreement (if he misses payments), to which you are a party. However, it depends on finding him and being able to serve him: if you can't locate him, as a practical matter, you can't take action against him.
You will remain obligated on the loan: what your significant other did (or does not do) does not in any way affect your legal liability under a loan agreement you voluntarily co-signed. Therefore it is very much in your interest to find him and seek compensation from him.
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