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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 5 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption