Legal Question in Civil Litigation in California
co-signer on car loan that defaulted
I co-signed a car loan in 2003. It was taken back by carmax after non payment. My credit information reflects that 10k is still owed. I am purchasing a condo, and have started payment for this debt to clean up my credit rating (700 right now). Can I sue the primary borrower for this debt?
3 Answers from Attorneys
Re: co-signer on car loan that defaulted
The hurdle that you need to overcome first is the statute of limitations. This is a rule that says that a lawsuit must be filed within certain time limitations.
The quick answer is that the statute of limitations for breach of a written contract is 4 years from the date of breach. So, when did the primary borrower first default on the debt? When did carmax take back the car?
If you are not time-barred, you have a good claim.
Re: co-signer on car loan that defaulted
Yes you can but it depends on how long ago they went in default and when you knew of this based on SOL for breach of oral or written contract.
Re: co-signer on car loan that defaulted
You can try, but the problem is the statute of limitations. If it is less than 4 years since repro and notice to you, give it a shot.
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