Legal Question in Credit and Debt Law in California
Mislead into co-signing, am actual sole owner.
My son needed a co-signer for a new car, I signed papers (contract in english no reason not to trust son I do not read/write english). Now I am being sued for $18,000 (car inoperable) turns out my son tricked me into being sole owner. He says not his responsibility and won't pay. Sole supporter for me and wife, I want my son to pay car dealer. I don't have money and don't want my wages garnished. Want my son to pay. What can I do?
1 Answer from Attorneys
Re: Mislead into co-signing, am actual sole owner.
As far as the car dealer is concerned, it doesn't
matter whether you are the sole owner of the car or
a co-signer. Either way, you are 100% liable to the
dealer for the amount owed on the car. (Assuming
there are no defenses to the dealer's action to
collect.) Thus, you should settle with the dealer.
Thereafter, you can sue your son. Regardless of
whether his name appears anywhere on the loan or
the car's title, he is liable to you for the amount
you have to pay.
Generally: never co-sign a loan unless you are ready
willing and able to pay the whole thing, yourself.
Also, always consult with a lawyer before entering
into any transaction large enough to threaten your
economic well-being. Like the Fram Oil guy used to say,
"Pay me now" (a couple of hundred dollars in attorney's
fees), "or pay me later" (thousands of dollars in
loan payments or damages).
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
