I co signed a car loan for a friend about 3 years ago. She has since been exhibiting bizarre behavior and appears to

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Customer: I co signed a car loan for a friend about 3 years ago. She has since been exhibiting bizarre behavior and appears to have had a mental break. She hasn't been able to take care of her financial obligations and has defaulted on the car loan and rent. I have made two of her rent payments and one car payment. I estimate that there is $26,000 left owing on the car loan. What are my options?
JA: Because laws vary from place to place, can you tell me what state the property is in?
Customer: We are in Ontario.
JA: Have you contacted the seller or manufacturer?
Customer: I have been getting letters from TD bank about the car loan. I haven't asked them about it.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: My friend and I were dating for a time.
Answered by Joey in 9 mins 1 year ago
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Joey
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Joey, Expert

Hi and thank you for using JustAnswer.  My name is ***** ***** I will be assisting you with your question.

Just a general disclaimer that this conversation is for informational purposes and I am not your lawyer. The information discussed is for general use only and a lawyer would be necessary to take any legal action and/or preserve any of your legal rights. Please note that the system may ask you to participate in a live call - this is done automatically and I prefer to work through the chat option. I may be away from my desk from time to time, but rest assured I will always return back as soon as possible.

Customer
Okay. Chat works for now.
Customer
I would prefer chat.
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Joey, Expert

Sorry to hear about your situation. As you co-signed on the loan, you would be responsible for any payments not made by your friend. It would be best to contact TD and let them know of the situation and see if there is any forbearance program in place. If that doesn’t work, perhaps have a conversation with your friend and see if she would be willing to sell the vehicle to pay off the existing loan.

Customer
Would TD go for her selling the car. Wouldn't they want me to come good for the whole amount? There is even a penalty for early payment of the loan.
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Joey, Expert

You would want to contact TD and get all the details for the loan. There could be a pre-payment penalty of some sort, or maybe not. If she sells the vehicle for less than the outstanding amount, TD does have the right to seek the deficiency against both of you.

Customer
Okay thank you. Bye.
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Joey, Expert

My pleasure. Thank you for using JustAnswer. I wish you the best of luck. If you need any further assistance, please do not hesitate to reach out to me.

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