Legal Question in Credit and Debt Law in Michigan

Cosigning loan

My wife cosigned for a 60 month truck loan for her daughter. The balance is currently $7,900.00 with about 20 months still owing. Wife believes the title is only in her daughter�s name. The daughter has taken an early out from Ford, has the money to pay off the loan, but so far has refused to pay it. She now will not return our calls so we are assuming she does not intend to pay it. Ford said they can repossess the car, sell it and we would be liable for the balance. Only problem with that is my wife has good credit and we assume that would destroy her rating. That�s one question, would it go on my wife�s credit report as a repossession if she is only a cosigner and second if we just pay off the $7,900.00, would we have a legal case against her daughter to get the truck back and sell it.


Asked on 2/11/07, 12:47 pm

1 Answer from Attorneys
Francois Nabwangu Wright Cantrell PLLC

Re: Cosigning loan

Your wife is a guarantor on the loan... notice of repossession and default may be indicated on her credit. Why would you let this loan go into default? you should take legal action immediately. You have a broad range of remedies available against the daughter.

Francois M. Nabwangu, Esq.

http://fnabwangu.googlepages.com

I hope this helps call any time with follow up questions

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Answered on 2/12/07, 9:21 pm


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