Legal Question in Credit and Debt Law in Massachusetts
Help! Car loan with my son who filed Chapter 7
I helped my son get a car� He did not have good enough credit to get the car in his name. So my name is first on the loan and he is listed as a co-signer. We had him on as co-signer as I did not want my name on the registration or any of the insurance information. Here�s the problem� He filed chapter 7. In July he had his hearing which I went to. I was informed at that time he was going to re-affirm and pay the car payments which at this time is 1 payment late. Since that date in July he has made NO payments! He is not talking to me�. I have been to his house (will not talk or let me in) and phone calls go to the machine. I spoke to FORD credit today.. Was a real witch on the phone. I can not understand how they let someone like that work in customer service. Anyway, they will not repossess the car and allow me to pay the cost of the repossession and catch up the payments. They said the only way I can get the car back from them after they repossess it is to pay it up in FULL! OK.. So here is my question ? What do I do to get the car?? And What is my legal rights to the car?
2 Answers from Attorneys
Re: Help! Car loan with my son who filed Chapter 7
Guess what; the witch is "right"; no lender would do what you ask for you.
However, when you pay them up in full, you can do that by making another loan with another bank or the like and thus spread out the payments. You might not get as good a rate, unfortunately.
Other options: sue your son. If he's not returning calls, he might not respond to the law suit. It's not a simple suit, though, as far as I can tell.
Re: Help! Car loan with my son who filed Chapter 7
You'd better check on one thing, though. Make sure that you as cosigner on the loan (but not coowner) are in fact entitled to buy the repo'd car back from them.
If you are, I think that's the best way for you to go, unfortunately. The reason it's unfortunate is that Ford will spend some serious money (legal and towing) to repo the car and that will somehow be added to the balance owed.
Unfortunately, I don't really see any alternative for you.
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