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The car dealership gave your friends the car and did not inform you that you are the soul borrower on the loan. What can you do now that the loan is in default?
Wiki User
∙ 16y ago
This just really sounds weird. Car dealerships don't just "give" cars to groups of people. If you were the sole borrower on the contract, YOU would know it because YOU signed it and YOU have a copy of it. If the loan is in your name and the loan is in default, get the payments caught up now. The lendercan repossess the vehicle, sell it at auction, and send the bill collectors after you for the difference between what you owed on it and what they were able to get for it. If "your friends" have YOUR car, why don't you (a) go get it back or (b) report it stolen? As consumers we should be responsible for our obligations. Go do the right thing - right now.
Wiki User
∙ 16y ago
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How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
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How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
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If in Maryland can they repossess the car if the creditor notifies you but not your co-borrower?
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Can I get my ex wife to co-sign an auto loan for me?
Sure, you can ask her. You need to inform her that she will be completely responsible for paying the loan if you default on the payments even though she will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck her credit.Sure, you can ask her. You need to inform her that she will be completely responsible for paying the loan if you default on the payments even though she will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck her credit.Sure, you can ask her. You need to inform her that she will be completely responsible for paying the loan if you default on the payments even though she will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck her credit.Sure, you can ask her. You need to inform her that she will be completely responsible for paying the loan if you default on the payments even though she will have no ownership interest in the vehicle. A co-signer should always be completely informed about the consequences of co-signing. They are guaranteeing that you will pay. If you miss payments it will affect their credit record. If you default it will also wreck her credit.
How do you inform the new born to friends?
Hi All, In times of my joys and sorrows my colleagues and friends stand by me and guide me. Hence I wish to inform you the happiness that has just arrived in my family: a cute little baby.Please bless my baby for a happy, peaceful and prosperous life.Thanks and regards
