Legal Question in Credit and Debt Law in Illinois

legal question loan contract

my son is 20 yrs. old.he applied for a car loan 16,000.00 and was told he needed a cosigner,neither his mother or myself could do this so the car dealership got him the loan through toyota with out a cosigner.i don't see how he got the loan since he had a minimum wage job.he has lost his job the payments are 304.00 a month ins. 170.00,no way can he afford this with his old job and certainly not with out it.my question. is he as a minor still living at home legally bound by the contract? if not, what are our options? if he is, what are our options? thank you.


Asked on 5/14/07, 11:48 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: legal question loan contract

Well, he is not a minor. You have no responsibility for the debt, however, he certainly does. His options are limited--if he does not pay, the car will be repossessed, his credit will suffer immensely, and they will probably sue him for the difference between what he owes and what the car is worth.

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Answered on 5/14/07, 5:19 pm


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