Legal Question in Credit and Debt Law in Georgia

Cosigned for 2007 auto for my grandson. The payments were too high for him, he freely gave up auto. Less than 3 months later Captial One Bank claims vehicle sold for 1/2 price and we owed the other half. How can we verify this sale?


Asked on 12/09/09, 12:36 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

The letter is the verification of sale and it is very normal that you would see that type of outcome at a sale. You now found out the hard why why you should never cosign a loan. You owe the amount in the letter (so does your son). Turning in a car is almost always the worst decisipm a person can make. Generally the only way out for him and you, if you qualify, is to go bankrupt.

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Answered on 12/14/09, 1:21 pm


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