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co-signer for auto loan


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Posted by bridget on December 31, 2001 at 10:56:32:

I co-signed for a car for my brother 10 years ago--the car was re-posessed and he filed bankruptcy--7 years ago. Last year I received a letter that advised that the "car-lot" was now collecting from me--the co-signer. I contacted my brother who "resumed" the debt and has been paying 100.00 per month to the collection agency. This is in Kentucky, by the way. This vehicle was auctioned to the original "car-Lot" and they sold it to themselves for 150.00--leaving a deficiency of 1600.00 --In June, there was some issues with my brother moving to another state and some problems with the posting of payments--last month, I received a summons that is again coming to me for full payment of the 1600.00 x 27.5% interest for 10 years---what can I do?


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