Legal Question in Credit and Debt Law in Ohio
cosigned for car
I helped my daughters exboyfriend out a 1 year ago by cosigning for a car loan. He has been making payments on time. But the last 2 to 3 months is late with payment. He will not return my calls and basically says nothing when my daughter calls to let him know. I understand that since I did cosign that I am the next responsible party. My question is how can I get him to be the responsible one with out getting myself into trouble. I have called his grandmother at work and one payment was made within days. Do I keep calling her? I do not have the mothers phone number. I have been leaving notes on his car saying to call Wells Fargo. But no response from him. I have even told him to consolate all his bills so he could make this payment on time. This kid is only 20 years old and is really now all of sudden heading down the wrong path. I am a good person who does nothing wrong but enjoy helping people. This has left me very bitter and I'm not happy with myself for being like that. I don't want my credit to be ruined because of him being late with his payments.
What can I do next?
1 Answer from Attorneys
Re: cosigned for car
Legally, you really can't do much. That is one reason why I'd never suggest anyone co-sign on a loan. You already know that you are responsible as a co-signer. All you can possibly do is take the car from him, make the payments and try to get rid of it.
Unfortunately, a lot of nice people get taken advantage of. I'd continue calling grandma, get a copy of the application that has his address on it and head over and find his parents.
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