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You can either make the payments on the loan the car will be repossessed. You can be proactive and call the lienholder and tell them of your situation. Make it clear to them that you cannot afford the payments and have no intentions of keeping the car. They will come and take the car and sell it, and you will owe what is left on the loan minus what they sell the car for. By cosigning the loan you took responsibility for it, and are legally obligated to make the payments. First thing you do is Smack your son upside the head and ask him who the hell he thinks he is for sticking you with such a bill. Second thing you do is Smack yourself for signing on it, people don't become that 'irresponsible' overnight, but because you wanted to 'believe' in your son you signed on it probably knowing if nothing else in the back of your mind he wasn't going to pay for it. Third thing you do is call the finance company, let them know what's going on and ask them to come get the car, now with that they will then sell or auction the car and charge you the difference from what's owed and what it's sold for. (i.e. you owe $10000 and they auction it for $5000 they will still come after you for $5000) ..... Either way you got the shaft on this one.

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โˆ™ 2006-01-25 21:12:27
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Q: What can you do if you signed for a 2005 car for your son and the dealership knew you were not working and the car was for your son but your son has left everything for you and you cannot afford it?
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