Legal Question in Credit and Debt Law in California

Cosignor rights?

A few years ago, I cosigned for a car loan for a ''friend'' of mine. Unfortunately, the car was stolen and this ''friend'' decided to stop making payments. A few days ago, the financing company contacted me and told me that if I didn't take care of the remaining balance (about $4000) immediately, they would pursue legal action against me. Perhaps unwisely, I put the balance on a credit card at that time and the payment was accepted. Is there anything I can do to recoup the balance from this ''friend''? Perhaps take him to small claims court? I did get in touch with him yesterday, but he made it clear that he would not voluntarily pay me anything.


Asked on 8/14/06, 10:27 pm

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

Re: Cosignor rights?

Oh God, not another co-signer question. Why do these people co-sign. You are SOL except to take him to court.

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Answered on 8/14/06, 10:49 pm
Robert F. Cohen Law Office of Robert F. Cohen

Re: Cosignor rights?

I learned years ago not to lend friends money. That's the best way to become former friends. Small claims court is probably the only way short of his giving you a shoebox of cash.

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Answered on 8/14/06, 11:03 pm


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