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

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.

I am so sorry to hear this.

What is the co-signor's explanation?

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.

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.