Legal Question in Civil Litigation in Illinois
I co-signed for a vehicle that due to continuous late payments and non payment by the person who has the car, it is now in the final stages of collection. I need to know what my options are to rectify the situation and to restore my credit score.
2 Answers from Attorneys
Not a whole lot you can do here, unfortunately. You can pay the account or potentially try to settle it. You could sue the signor for the money, however. Please feel free to email me if you have any further questions: [email protected]
You are treated as the BUYER here in this situation. You may be only a co-signor and may have never even driven the vehicle, but you are responsible for the full amount that you and the other co-signor financed. The full amount.
If the car gets repo'd you will be responsible for those and other related costs also.
Your best option is to try and settle with the Finance Co. and if the car has already been repo's you may want to work with an attorney to negotiate a settlement with any "entity" collecting on behalf of the finance co.
Feel free to contact me. I do debt collection law and credit repair.
312-532-8554 [email protected] www.looplawfirm.com
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