I bought a car 1 year ago. The price fir the car was 29000$. I had to have a co-signer to get the loan approved. The

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Customer: Second opinion] I bought a car 1 year ago. The price fir the car was 29000$. I had to have a co-signer to get the loan approved. The loan is approved on the co-signer credit. And the payments for the car are taken from my cosigners bank account, i sent him the money at the beginning of every month before the car payment goes. But my cosigner has missed the payments for the car and now they want to repo my car. I have been senting him the money for the car loan and he has not paid that. What can i do in this situation. I will lose my car soon and all the money that i payed for it till now. What can i do in this situation? Is this gonna effect my credit ?
JA: The Lawyer can help you determine if you have a case. Where are you located? These laws vary by state.
Customer: I live in Barrie,ON Canada
JA: Anything else you want the Lawyer to know before I connect you?
Customer: Nop
Answered by Debra in 5 hours 3 years ago
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Debra
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Debra, Expert

Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

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Debra, Expert

I am so sorry to hear this.

What is the co-signor's explanation?

Customer
He is not picking up the call or replying to my messages. He moved out from the house where he was staying earlier and i dont know where he is now
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Debra, Expert

First, of course stop sending him the money.

Tell the creditor what happened and ask for some time to pay them to bring the debt back into good standing.

If the car is repossessed not only will it affect your credit rating very badly but they can sue you as you will likely owe more than the full debt after the sell it because they will sell it for a low price and then there will be expensive repossession, legal and auction fees.

You can sue this co-signor for the money you are owed from him but of course you will have to find him first. A private investigator could do that most likely.

Does that clarify the law?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Customer
The loan is on my co-signers name not mine. So is it till gonna effect my credit
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Debra, Expert

Oh no it won't if you didn't sign as well. Co-sign means you both signed.

If only the other person signed then it won't affect your credit and they will sue the other person and not you.

I wonder if the police would help you. I suggest you call them and ask.

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