Legal Question in Banking Law in Utah
My wife and I seperated in June 2012 I had a SUV that her grandma had cosigned on. After geting into my own place and the expenses that caused I could no longer afford the high pament. When I got one month behind her grandma showed up with her son and took the SUV to be sold. She paid 3 paments while it sat on the lot. It finally sold and now she wants me to pay her a $9000 difference between what she had to pay off and the pmts that she made. Do I leagaly owe her the money? I thnk that where they stepped in and took the car that its her responsibility. What do I do?
1 Answer from Attorneys
A cosigner is responsible for the loan when the primary signator defaults. However, in order for you to be liable to the cosigner for a deficiency there should have been an agreement between you regarding that liability. If there is no agreement then grandma will have to file a lawsuit to make you liable.
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