Q: I consigned for my daughter boyfriend to by a car ,before getting it paid of f the tag place sent title to him he
He then sold it with out my knowledge now credit union wants there money,are there any thing I can do thanks
A:
Co-signing is ALWAYS a bad deal. By co-signing, you are in essence telling the lender "go ahead and make the loan because if the primary borrower does not pay, I will." And if a person needs a co-signer it means that he either has no credit or more likely, bad credit, and that you are just going to be the next in line of victims.
Your post does not make sense though. There is no way that the boyfriend could sell a car legally if (a) the car was not registered solely to him; and (2) there was not a lien on the title. If there was a lien on the title, then the lien would have to be satisfied.
So how is it that you co-signed here? If you paid off any liens, then the lender would have released the title to the borrower free and clear. So what document did you sign?
If you signed a loan agreement, then the lender is going to look to the boyfriend for payment and then you if he does not pay. Since he obviously is out of the picture now, your best bet would be to make the best deal you can with the credit union. Otherwise, the credit union may well sue you and recover a judgment against you. Can they do that without suing the boyfriend? The answer is yes. Once you pay or resolve the debt, you can go after the boyfriend if you think he has any assets.
If not, this can be a valuable lesson to you and others - never ever co-sign anything for anyone else.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
