Legal Question in Credit and Debt Law in New York

I cosigned on a vehicle for someone that promised to never miss a payment. Welp they did time after time then telling me "I cant afford it come get it or arrange for repo" always avoiding financial company. My credit took a dive from 800 to 596. Putting my financial life at risk. The only way out of the loan was to pick it up and sell it for $8900 less then what it was worth because of the horrible negative equity involved. The only way I could sell it was to trade that in and my personal vehicle to get a new car (because the bank would only approve me for a new car) applying the 8900 to the loan. So in the long run my apr is sky high and I just had to buy a new vehicle and add $8900 just to keep from getting repo then sued for what the car didn't sell for at auction. Can I sue her for the difference of what I traded the vehicle in for and the negative equity applied to my new loan because she lied and forfeit the vehicle back to me, and I was forced to do this in order to save myself from a financial collapsed?


Asked on 1/01/14, 6:12 pm

1 Answer from Attorneys

David Slater David P. Slater, Esq.

I would.

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Answered on 1/01/14, 6:39 pm


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