Legal Question in Credit and Debt Law in South Carolina

Co-singer on car that got repossessed....

I just found out that an ex-girlfriend's car from 3yrs ago has been repossessed, needless to say, I co-signed. The bank sold the car and turned the balance over to collections. I am now in PA and finding out that $8000.00 is owed. They say if I or her pay within 60 days they'll settle at $4000.00. Is it legal to make arrangements with collections to pay half and then have them go after her and clear my name??


Asked on 9/10/03, 9:54 am

1 Answer from Attorneys
Otto Ferrene, jr. Ferrene & Associates, PA

Re: Co-singer on car that got repossessed....

If the other side agrees in writing then there is no problem. If you can obtain your relaease from liability by agreement, more power to you.

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Answered on 9/10/03, 8:56 pm


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