Legal Question in Credit and Debt Law in Illinois
When am I liable?
2 years ago, when our son, 22 at the time, tried to get an pickup loan, they said that he needed a co-signer. My husband co-signed for the loan. Only 5-6 months had passed and we had to make a payment for him. It's been getting worse and worse and between this year and last year we've paid over $2,500.00 in payments. To make matters worse, he's now bouncing checks and we having to cover for him. Is there anyway that we can get out from underneath this loan...ever? He's now 24 and should be old enough to get a loan on his own with his employment. He will not call the collection agency's on his own, when they call us and we continually have to be the middle man. If we can get the keys back from him, wouldn't it be in our best interest to turn back the vehicle, instead of further ruining our credit history that we've tried so hard to keep clean all these years? This has taught us to not co-sign ever again. No wonder he needed a co-signer for the loan, if this is the way he treats all of his other creditors. Unfortunately, he won't even talk to us about this critical situation. Can you advise what to do? Thanks.
1 Answer from Attorneys
Re: When am I liable?
If you were to get the car back from your son and then you surrendered the vehicle to the finance company then you and your son would be liable for the deficiency. Right now you are liable as a cosignor. You will be liable until either the car is paid in full, you or son file for a bankruptcy to clear up this debt or if your son were to refinance the car into his own name. Moreover, you are going to be liable for this debt. I can help eliminate the debt. If you would like to discuss this further please contact Joe Doyle @ 312-427-7400.
Sincerely,
Joseph R. Doyle.
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