Legal Question in Civil Litigation in Michigan

Totaled Vehicle

I co-signed for a vehicle and the lease payments were paid upfront. I am not sure whey FMCC wanted a co-signer. I heard the person I co-signed for allowed the insurance to lapse. I have a PPO against the person and could not verify this. I called FMCC and told them that I heard there was not insurance on it and they said there was nothing they could do. This person totaled this vehicle and the lease is not up until 7/2008. What is my liability?


Asked on 2/27/07, 1:46 pm

1 Answer from Attorneys
William Stern William Stern, P.C.

Re: Totaled Vehicle

You are 100% responsible for the amount owed to the lender or lease company. Your remedy would be against the person for whom you co-signed the loan. I mean no offense by this, but In law school, they taught us that another name for co-signer was sucker. William S. Stern

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Answered on 2/27/07, 2:57 pm


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