Legal Question in Credit and Debt Law in Virginia

Do I need to pay a loan off if I'm a cosigner?

I co-signed a loan with my 19 year old son's girlfriend to buy a four wheeler. After my son broke up with the girlfriend, the four wheeler was parked at my house. I consulted the girl, and she said that I could sell the four wheeler. I then sold it and used the money to pay off a portion of the loan. Now, the girl's father is threatening me, claiming that I'm responsible for paying the remainder of the loan because I sold it.

Am I legally responsible to pay off the remainder of the loan, or is the girl responsible? Or, do we share responsibility?

Thank you.


Asked on 9/21/07, 10:56 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Do I need to pay a loan off if I'm a cosigner?

Both the cosigners for the 4 wheeler loan (you and the girlfriend)are both liable for whatever balance remains unpaid on the loan which you both apparently guaranteed with your respective personal signatures.

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Answered on 9/21/07, 11:59 pm


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