Legal Question in Credit and Debt Law in California
rights of co-signer
I co-signed on a car loan for my 24 year old brother. He can't make the payments, and has dodged all attempts to contact him. Now the car company is about to place a negative report on my credit report. What legal standing do I have? Can I sue him or take the car?
2 Answers from Attorneys
Re: rights of co-signer
Unfortunately, we get this question about a dozen times a month. You can sue him, and you can take the car if you can do it peacefully.
Re: rights of co-signer
As a cosigner, you more or less step into the shoes of the original creditor in respect to your rights against the primary debtor (your brother). You may sue, take repossession measures, etc...within the guidelines of the law just as the original creditor could. If you would like further assistance in this matter, contact us directly.
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