Legal Question in Credit and Debt Law in Missouri
co signing on loan obligation
my dad 83 years old co signed on a 34,000 truck loan, he's now in assited living with 10,000 left to pay for his care, no ther assets, what is his liability if the loan is being defaulted on? Any way to get his name off, or will GMAC come after 10,000? Thank you, MO
1 Answer from Attorneys
Re: co signing on loan obligation
No, there is not much of a chance that GMAC will just let him off of the note he signed. If the loan is in default, they will repossess the vehicle, sell it and then file suit for the deficiency balance. The suit would be against both co-signers. He might be able to "pre-pay" the assisted living facility for several months in advance and render himself "judgment proof". Otherwise, the creditor can obtain a jujdgment against him and then try to collect by running a bank account garnishment if they know where his money is.
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