Legal Question in Credit and Debt Law in Illinois
Co signing on a loan
Two years ago i cosigned on an auto loan for my son now he has stopped paying and i have been paying on the loan for three months what would happen to me if i stopped paying and they would reprosses the auto?
2 Answers from Attorneys
Re: Co signing on a loan
The car would be sold and the net proceeds applied to the loan balance. If there is still an amount due... and i suspect there would be you would be liable for the balance still due.
Re: Co signing on a loan
The response by Mr. Pollack is correct as far as it goes. Generally speaking, in addition, if the loan goes into default and the vehicle is repossessed, both of these items would be included on your credit record, and may have an adverse effect on your future credit.
An attorney would have to read the pertinent legal documents in order to provide competent legal advice for your individual situation, so you may want to consult with an attorney.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
