Legal Question in Consumer Law in North Carolina

Co-signing is a BAD idea. Never do this. What it says to the lender is that if the primary borrower does not pay, then the co-signer (you in this case) will pay. Since the business defaulted, you are responsible. The lender never has to sue the business if they do not want to.

They got a judgment against you. When was that entered? You only have 1 year from the date of entry to challenge it. And even if you still can do a Rule 60 motion, you have to prove grounds for challenging it, that you acted reasonably promptly, that you have a meritorious defense and that there is good cause. I don't have enough information, but from what you relate, I don't see that you have good cause or a meritorious defense.

The judgment is against you, not the business. If the business has stopped paying, then you need to make arrangements to pay., Only when you have paid off the debt can you sue the business. Was the business ever incorporated? Whose name is on the title to the van - the business or the person? Assuming that you can sue the business and/or your friend as an individual, you will have to see what assets each one has. I don't know what the van is worth or how its titled. But you cannot repossess the van or take any action until you get a judgment.

This is not something you should try on your own. How much have you or will you pay? If it is more than $5000, get a lawyer. If it is less than $5000, when you pay off the lender and get the satisfaction of judgment, then you can sue in small claims if the amount owed is $5000 or less. I would sue both your friend and his business. You sue in the county where either your friend resides or where the business was located, whichever is more convenient if it is different counties. Once you get a judgment then hire a lawyer to help you execute (collect on that judgment).