Q: Im A cosigner and it auto loan and the bank has not contacted me whatsoever in 12 months. Now I face major issues
I cosigned on a truck, I have an agreement we signed together plus the loan information. My name in all my information was listed separately from his, somehow over the last 26 months he has been able to change them the address multiple times with my name coming on/off just as many. I have received 1 phone call after the first 12 months, Stating the payment was past due. I told the bank I’ll call the other debtor Who is responsible for paying and listed as primary, said he take care of it… Never heard another word. Another 12 months pass, I checked my credit and saw extreme delinquency! There’s 7/8 30-59 day late payments, 3 60-89 late payments. The loan has averaged 2-4 months behind for the last year. I have not received any notification from the bank what so ever... this doesn’t seem acceptable. I had a near perfect payment history. It’s 450 payment that has been up to 1700+- overdue and still no communication calls/text/mail/email
A:
FYI: Unless I miss my educated guess, you co-signed the auto loan for a (former) friend who apparently does not mind making late payments on his truck. Unfortunately, since you are a co-owner and are also liable for the same debt, the bank is beginning to look to you to repay the loan--because they are tired of chasing after your late-paying friend.
Other than pay off the entire truck loan, there is nothing you can do to stop this sad situation. Why? Because you are jointly responsible for the entire loan. Your argument about not being notified by the bank whenever payments are late is irrelevant. The bank has obviously been notifying your friend, who is probably listed first on the title. Right?
Lesson learned: Whenever anyone enters into a contract with a bank or any other creditor, the debtor (in this case YOU) may or may not ever receive messages when payments are due. Failure to notify a debtor does NOT mean that the debtor no longer owes the money.
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.
