Legal Question in Credit and Debt Law in Minnesota

car repossession
I co-signed for a car through a dealer in MN. The car was registered in WI. The buyer was delinquent with payments from the beginning, I got the calls from the bank. He decided to let the car go back and told my daughter that I had signed off from it, which I did not. I was not sent anything informing me that the car was going back. He told my daughter and that's how I found out. 7 months go by and I receive collection notice for a substantial amount that is owed on this car, to my knowledge he has not. I'm wondering if I should have been informed that the car was going back and given the chance to try to sell the car myself or to take over the payments.I had thought about talking to a lawyer, but I have no paperwork on the purchase or repossession. Am I solely liable for the collection amount?

Asked on 1/25/01, 6:06 pm

Thomas Schober Schober Schober & Mitchell, S.C.

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Re: car repossession

You will need to have a lawyer review all the

documents you have relating to the transaction.

Generally, you are jointly and severably liable on

any indebtedness a bank is willing to grant. That

means the bank can choose to go after just you for

the whole thing. For a guaranty, you are likewise

fully liable.

Answered on 3/12/01, 11:57 am

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