Legal Question in Credit and Debt Law in California

Car loan/co signer

my problem is that i co sighn for my nephew a car loan. Before the first car payment was due the car was burglurized and wreked. The car delear claims it had no sort of insurance and that he had to pay. He hasen't paid over two years at all the car note and so the finance company came after me because i was the co sighner. I have no way of paying the total of the loss for that car or the finance company. I also own a house and i am unabel to re-finance my house due to negative credit point and bad credit i have i want ot know if there is anyway i can re fiance my house with out having to pay the sum of the car and who can i sue regarding the sum of the car


Asked on 12/20/05, 8:33 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Car loan/co signer

Normally people who co-sign are Simply Out of Luck. Let's face it, co-signing loans for people with bad credit is a really stupid thing to do. But this case is different. Car dealers aren't stupid, and I have never heard of one who financed a car and didn't also require collision/comprehensive insurance (to protect the dealer against the loss of the car). Very probably the dealer is trying to collect twice, once on his own insurance and once from you. You will need to find your copy of the loan paperwork. Then take it to a lawyer near you. Hurry before the legal time limit runs out.

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Answered on 12/20/05, 9:50 pm


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