Legal Question in Credit and Debt Law in New York

Auto Cosigner

I cosigned for my brother's car a few years ago. He is constantly late on payments and it is affecting my credit. He has not paid in 3 months but I refuse to pay it because I feel I'm just bailing him out and he won't pay me back. Is there any legal avenue to take such as taking the car from him or is this considered theft. Also, the finance company has threatened to take the car but they never do. Is there a way to get them to just take the car from him? Please help...I'm trying to buy a house but my credit is bad now


Asked on 2/23/07, 11:51 pm

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Auto Cosigner

I assume he is the purchaser of the car? IS the car in your name? If not, you can't take the car. If you don't pay and the finance company takes the car back they will sell the car and charge you both for the amount that remains due,plus interest and their costs. You really don't have any outs on this...it was a mistake to co-sign. You are just as liable as your brother, and the finance company expects to get paid...if you don't (your choice) your credit may get worse, but you'll teach your brother (and yourself) a lesson...

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Answered on 2/26/07, 4:18 am


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