Legal Question in Credit and Debt Law in Oklahoma

cosigning for an auto loan

Whan a car is repossed due non payment, what are the limits if any of liability on how much a person cosigning must pay. To repay the loan. Or can a person pay a minimum amount.


Asked on 12/11/06, 3:16 pm

1 Answer from Attorneys
Steve Chlouber Fuller, Chlouber & Frizzell, L.L.P.

Re: cosigning for an auto loan

Generally, both cosigners are obligated for the payment of the account after the sale proceeds are applied to the outstanding balance. The creditor can sue both obligors to collect the deficiency or can reach out of court settlement for repayment of the debt.

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Answered on 12/11/06, 3:27 pm


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