Legal Question in Credit and Debt Law in Florida

I co-signed a car approximately 2.5 years ago with a guy I was dating back then. He has been arrested and "says he is going to jail"; however, he is out. He is refusing to pay the bill and I am unable to afford it. This was his car and he was paying for it. Is there a way I can take him to court for him to pay or to take my name off of it? If I take it back to the bank my credit will be affected.

Sarah


Asked on 3/07/10, 1:04 pm

1 Answer from Attorneys
David Labovitz Labovitz Law Firm, P.A.

Hi. The reason banks require a co-signor is for them to avoid having to worry about relying on someone who is not credit-worthy to pay their loan. Your scenario is case-in-point. Unfortunately, the big down-side to co-signing is that you are fully on the hook if this guy defaults. You might be able to sue him personally, but you will still be on the hook to the bank.

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Answered on 3/12/10, 1:42 pm


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