Re: Co-signer on auto loan-what rights do we have?

Posted by Kaye (64.197.152.224) on October 22, 2002 at 21:01:53:

In Reply to: Re: Co-signer on auto loan-what rights do we have? posted by Why Chat on October 22, 2002 at 16:05:21:

My husband met with his attorney today and he is sending a letter to the partner regarding the truck and that if a payment is not made on time (and that he has to keep it insured), that the truck will go back to my husband. If this doesn't work, he did mention taking him to court or talking with GMAC (the loan holder) about doing the "reposess" and then change the loan to my husbands name. We have received a letter from them stating that if any further payments were late that they would do what ever means necessary to correct it. I don't want a reposession on our credit. The way it is now, it can be partially fixed by making the payments on time for a while, but the other route wouldn't be so kind. The partner is aware that the payment is coming up, but he said he couldn't find the "payment book", funny, if he was to be making the payments, he would no there is no book, they mail a bill every month!

I have been hesitant about just "taking" the truck myself, even though part of me just wants to leave him stranded somewhere (I know, that' not nice). I am afraid that would come back to bite us! Sooner or later this will work out, even if we have to pay for him to drive it. I will not let our credit get ruined any further.

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