Is there anything that I can do as a co-signer for a loan ona repossessed car ifI was never notified of non-payment?

UPDATED: Jan 14, 2011

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Is there anything that I can do as a co-signer for a loan ona repossessed car ifI was never notified of non-payment?

I co-signed for a car years ago. I have not received any correspondence from the finance company since early last year, so I assumed that it was getting paid on time (also, usually they didn’t get a payment they would call me immediately). Then the week before New Years, I got a letter in the mail saying that I am being sued for the balance on the car. The lawyer also told me that the car was repossessed last year and I never received any correspondence about the repossession. I was in total shock. Also, they never sent me any paperwork about trying to buy back the car before they sold it at auction. The person who owns the car gave them a check to settle the debt and their check bounced. I cannot get in contact with the owner because she is not responding to any of my messages.

Asked on January 14, 2011 under Bankruptcy Law, Maryland


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

Answered 12 years ago | Contributor

You are in a very sad but very common situation these days.  You may need to take all your documentation to an attorney to review on your behalf.  You very well have a claim for lack of notice here and it could be your silver lining to an otherwise cloudy situation.  What I will tell you is that undoubtedly this is going to result in some kind of lawsuit because you will absolutely need to sue the primary signatore on the loan agreement either in a separate lawsuit or in a lawsuit brought against you by the finance company.  This is really one big mess and a very expensive lesson to learn.  Good luck to you.

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