Legal Question in Credit and Debt Law in Iowa
I'm asking for my sister. She co-signed on a loan for her adult daughter. This was to purchase a vehicle. 2010 SUV. The daughter has lapsed in her payments and collection is calling my sister. What can my sister do to help herself?
Asked on 8/26/12, 5:30 pm
2 Answers from Attorneys
Robert Luedeman
solo practitioner
Essentially all she can do is pay the note. She's on the hook for the loan.
Answered on 8/28/12, 7:04 am
Thomas Moens
Moens Law Offices, Chartered
She could sue her daughter, but 1) that would make holidays a bit awkward, and 2) it is unlikely she could collect, otherwise she would be paying her payment. For some reason people think being a co-signer is less responsibility that being just a signer. Not the case. She owes the money to the lender.
Answered on 8/31/12, 12:04 pm
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