Legal Question in Credit and Debt Law in Nevada

Collection agency not willing to work with my offer

Two years ago I co-signed a loan for my boyfriend to buy a truck from Chrysler. We are now no longer on speaking terms but he completely let the responsibility of the loan 'slip by.' He started paying late and then not at all. At this point I asked and aided in the reposition of the truck from him (we lived in different states, he was military). Since then I have spoken with Chrysler's collection department about the resulting balance of our loan. I have not once denied that this is my responsibility too, I actually helped them get the vehicle. They were only willing to give my payment for the next three years for over $700 or a settlement of $12,000. I explained to them that I am a poor college student that has nothing and I could only afford $20 a month. Now I have a collection agency asking and saying that they can not work with me. Also, I was cosign to my knowledge of which I have been told Nevada doesn't recognize so how can I change this(I am a resident of California)? What are my options? Is there anything I can do? What happens now?


Asked on 1/22/08, 12:43 am

1 Answer from Attorneys
Jonas Grant Law Office of Jonas M. Grant, A.P.C.

Re: Collection agency not willing to work with my offer

You pay and/or your credit takes a hit. You may sue the boyfriend to recover from him, but that's not the auto finance company's problem. You learned the hard way never to co-sign for anything - maybe someone out there in lawguru land will see this and learn the easy way.

Not licensed in Nevada, can't comment on that, except to say that I would be quite surprised if (1) Nevada law did not recognize co-signers, and (2) if it didn't, an auto company would go ahead with a co-signer arrangement in Nevada anyway.

I don't think your $20 a month offer is going to be too appealing; you'll have to sweeten the pot to get their attention with regard to any payment plan or settlement arrangements.


http://finance.yahoo.com/loans/article/103332/The-Dangers-of-Cosigning-a-Loan

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Answered on 1/24/08, 9:17 pm


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