Legal Question in Credit and Debt Law in California

Re: auto loan

And now you know why you never, ever, ever co-sign for anyone else. You are stuck on the car loan. Unless he can replace you with another co-signer, and the lender approves the replacement, there is no incentive for the lender to let you offo the proverbial hook.

You are responsible for making payments that he misses. In order to protect your credit, you should make the necessary arrangements asap. If the vehicle is repossessed, that goes on your record, regardless of whether you possessed the vehicle. A co-signer is just as liable as the primary signatory.

As for the credit cards, were the charges loans or gifts? If they were loans, you ideally need some evidence to support your position that they were loans. What were the terms of the loan? What documents did he sign to confirm the loan? Etc. Then you sue him for the money.

If on the other hand you were just spending money on him because that's what boyfriends/girlfriends do, then that money would be considered a gift.

Nevertheless, you can always roll the dice and go to small claims court. If the amount at issue is greater than $7500, then seek out a competent attorney for advice specific to your situation.

Good luck.

Re: auto loan

Q: How can I get out of my situation without ruining my credit or have to pay the remaining?

A: You can't. You can either make the payments and pay off the loan OR you can have it ruin your credit. You are a co-signor and you are responsible for the full amount of the loan.

You can make the payments and then sue him. If it is under $7,500 you would go to small claims court. If that is the case, email me at [email protected] for my free e-book on small claims court. If it is over $7,500, you should retain an attorney.

Q: He also ran up few of my credit cards. How can I get him to pay his share?

A: If he bought things for himself, then it is a loan and you can sue him for this amount. If you bought things for him as a gift, you cannot recover the money.

The same rules apply about small claims court if it is under $7,500 or retaining an attorney if it is over $7,500.