Re: co-signer unaware of delinquency/repossession/auction

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Posted by Angela on July 08, 1999 at 05:51:54:

In Reply to: co-signer unaware of delinquency/repossession/auction posted by Dena on June 04, 1999 at 11:51:19:

Dena, my boyfriend is in the same situation. He co-signed a loan for his now ex-wife. She told him that she wrecked the car and that it was a total loss. We just found out yesterday that it was repossessed in March 1999. The creditor has told him that the car was sold at an auction for $10,000. less than what was owed, and that he owes them $10,000. We have no idea what to do. We know that when you co-sign for a loan, you take on the responsibilty of paying the debt if it is not paid. But what I can't undrstand is how they can do this without any notification to the co-signer. You would think that the co-signer would have the right (legally) to be notified before any action was taken to prevent them from having their credit damaged. The sad part is that we had the money to make the payments. But who wants to pay for something that they will never be able to drive. More importantly, who can afford to have something like this go against their credit when it didn't have to be this way.

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: Dena, my boyfriend is in the same situation.  He co-signed a loan for his now ex-wife.  She told him that she wrecked the car and that it was a total loss.  We just found out yesterday that it was repossessed in March 1999.  The creditor has told him that the car was sold at an auction for $10,000. less than what was owed, and that he owes them $10,000.  We have no idea what to do.  We know that when you co-sign for a loan,  you take on the responsibilty of paying the debt if it is not paid.  But what I can't undrstand is how they can do this without any notification to the co-signer.  You would think that the co-signer would have the right (legally) to be notified before any action was taken to prevent them from having their credit damaged.  The sad part is that we had the money to make the payments.  But who wants to pay for something that they will never be able to drive.  More importantly, who can afford to have something like this go against their credit when it didn't have to be this way.   


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