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The credit card number you entered was invalid.
The data you entered for the payment method was invalid. Please re-enter it and ... |
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Dimples | Co-Signing Troubles!!!? |
I co-signed on a car for my sister to help her out. The loan has about 10,000 dollars left on it and the bank is going to repo the car. I know my credit will be TRASHED, but will the bank garnish my wages or repo some of my property or will they go after her? I know what they can do, but what will they more than likely do? I talked to the guy at the auction they would probly get about 3,000 for the car still leaving like 7,000.
Additional Details
If I paid off the loan and took her to court, What would probably be the outcome? I know by being the cosigner I agree to the bank that if she doesn't pay, I have to, but the agreement between me and my sister was that she was going to pay for the car. |
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echo
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JR seems to be a little generous in saying the vehicle would sell for as much as 50%. It's rare for repo's to sell that high.
I agree with slabberdasken, they will probably go after you for the deficiency since your credit would show you as being more able to pay than your sister.
I agree with those that say - take the car, sell it and pay off that loan.
If your sister has missed any payments or was late on them, then your credit is already trashed. Though a repo will seal the trashing.
The guy at the auction was probably pretty close on how much the vehicle would sell for - but the amount that would be due would be quite a bit higher than $7000.
You would have to figure in the repo fees. Paying the repo man, the repo paperwork, sending the vehicle to the auction yard, prepping the vehicle for sale, etc.
The deficiency amount owed could easily reach, or pass, $9000
If the deficiency isn't paid immediately, then there will be interest added.
If the deficiency isn't paid at all, it may end up in court. If that happens and a judgment is granted, there will be court costs and their legal fees added on to the total.
As for the credit reports, both you and your sis could expect to see two negatives reporting from the original creditor - one for the original loan and one for the deficiency amount.
Then if the original creditor sells/assigns the account to a collector, the collector may report.
If they sue and receive a judgment, then the judgment will report.
If a persons scores are in the upper 700's to the lower 800's, those negatives could easily drop their scores to the 400's.
Sell the car and pay it off, even if you have to take a loss on the sale and dig into your pocket to make up the difference. |
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charlotte q
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a judgement must be gotten against you before they could possibly garnish. In the ,meantime get your money out of the bank and use money orders to pay bills. the are avalible at the post office. |
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SPIFIMAN1
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Auto finance is what I do for a living and Echo is completely correct. |
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Le Jazzfan
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Hmmm ... do you have the agreement between you and your sister in writing and signed by both of you and several witnesses? It would be very hard to prove an agreement without a written proof, let alone without witnesses. Meaning, the bank or the court would still deem you responsible for the loan alongside your sister, since it's your signature that's on the loan contract as a co-signer.
How did your sister get into that kind of mess? Did she get fired so she can't pay off the loan?
Have you talked with your sister about it? Maybe the two of you can come up with something that will work for both of you. You know, sisters do that a lot. |
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Michelle
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Getting your money out of the bank won't help you. If they garnish your checks, they will work out a schedule for you to pay it that way. Since your sister apparently was part of the problem (you were too since you co-signed for someone that couldn't get a bank to loan her the money), why don't you take her to small claims court for half of the balance? I"m guessing you were the primary on the loan which means if they went after her, they probably won't get much out of her, so that means they will go after you. I would seriously consider going after her too - she needs to take responsibility for this also. I'm guessing your relationship is already in trouble, so suing her probably won't wreck it any further. Good luck! |
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∞infiniti∞
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First they will need a civil judgment against you. Since you probably have more assets than she does, they will most likely go after you. If the bank has not already repoed the car, take it from her and try to sell it yourself. You will propably get more money for it that way. |
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J R
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If you only get $3000 for the car then your credit would be trashed. They would go after the both of you. They can only garnish your wages if they get a court order. You may want to consider catching up the payments on the car and she turns it over to you for you to sell it if she's not able to pay for it. At a auction you possibly would get as little as 50% of the cars market value. |
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luciousgreeneyedlady
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You and your sister only had a verbal agreement. The agreement made to the bank was a legal document with your signature on it. Big defference. I would let them go after her first. Then if you have to end up paying anything, pay it and then take her to small claims court for that amount. |
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