Legal Question in Credit and Debt Law in Florida

co-signors on an auto loan

My secretary co-signed on an auto loan with a now ex boyfriend. He has since taken the car, and has not made any payments. She tried to get the bank to take the car back several months ago, but they will not take the car without the co-signers permission. She feels that she has no other option besides bankruptcy. What can she do to resolve this issue.

Thank you.


Asked on 2/06/06, 7:28 pm

1 Answer from Attorneys
Samira Ghazal Ghazal & Gomez, P. A.

Re: co-signors on an auto loan

She is liable on the debt, but they have not started or attempted to collect on a delinquent debt. There are several points here:

1. If she does not know where the car is, she should consider filing a police report stating that he has taken the car without her permission.

2. Realize that if the car is turned into the dealer, a "repossession" will appear on her credit report. That is not good, but if that is all of the derogatory information she has, she should wait before considering a bankruptcy.

3. Many times these debts are sold to debt collection agencies which violate the law. If so, she may be able to sue the debt collector and try to resolve her debt. There is no guarantee they will waive her debt, but if she goes to BK she will never know.

4. Please read the articles I have written on my web page www.FLORIDACREDITLAWYER.com to learn more about credit law and your rights. I ask that you share this web page with your friends and family as it is free of charge and our firm tries to inform consumers of their rights.

If you have any questions, please call 305.860.1221.

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Answered on 2/07/06, 10:07 pm


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