Legal Question in Credit and Debt Law in Massachusetts
car co signer
i am not sure what category to put this under.
in 2005 i leased a car with m&t credit and my cousin co signed for the loan. things we fine for a while and then i lost my job i payed my payments as long as i could i payed about two years worth when i could not afford them any longer i think that two payments were late and i called to ask for an extention i had him come pick it up since he did not want his credit to get ruined and neither did i so he took the car in 2006 i no longer had a vehicle i gave it to him he said he was going to take care of it. Now in feb. of 2009 he is saying he is going to bring me to court says he wants me to pay for this car. can he make me pay for it is what i am asking? do i owe him anything for the car that i do not have?
2 Answers from Attorneys
Re: car co signer
If you validly co-signed a loan agreement, you may well have a debt to repay. There is a consideration regarding the return of the car.
Re: car co signer
It depends upon the specific terms and conditions of your agreement with your cousin.;)
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