Legal Question in Civil Litigation in Maryland
Co-sign on car
I co-signed for a car for an ex-assistant of mine after she told me her husband whom she was divorcing was coming to get her car. I felt sorry for her because she had two small children. I told her at the time that all i ask is that she make the payments on time and if she ever got in trouble to tell me and i would see of i could help her out. All of what she told me was a lie about her husband as i learned after the fact. She is late on the payments nearly every month and it has ruined my credit. Her boyfriend has forbade me from talking to her or contacting her and he also guarenteed the payments verbally and that was also a lie. Is there anyway i can force her to get my name off the car or force her to sell it or get a court order to make her keep the payments current or can i sue her for ruinening my credit. Or am i just screwed for being a nice guy and trying to help someone i thought was in need.
1 Answer from Attorneys
Re: Co-sign on car
basically, you are screwed but you can post a 30 word statement much like you posted on this board on all 3 automated credit reporting companies' credit file on you which might help especially if you credit is otherwise unblemished.
you need to remember that you are personally liable to the creditor in the event of a loss and need to stay on top of this especially in the event of a repossesion which could result in a huge deficiency.
you can always sue the maker of the note but it might be difficult to collect from her and your damage appears to be bad credit rather than out of pocket losses...
goog luck...
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