Q: Can I be held responsible if I cosigned for a vehicle and the person turned it back in?
I cosigned a vehicle and the other person turned it back into the dealership, now they are coming after me for the money, am I responsible for that? Can they garnish my wages for a vehicle they took back?
A: A co-signer is equally liable for any financial loss on the loan or the vehicle that. If the lender or dealer sues and gets a judgment, they can garnish wages. They also can make an adverse entry on credit reports, lowering credit scores.
A: Yes. You can be held liable as a co-signor. Yes, they can garnish your wages, IF they obtain a judgment against you. Depending on the language of the contract you co-signed the finance company may have had to give you notice that the vehicle was being turned back in, if payments ere behind, if the vehicle was resold, how it was resold. You may be able to defend your guarantee, and you may be able to defend whether the manner in which the vehicle was returned and resold was commercially reasonable. Do not simply ignore this matter.
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