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.
1 Answer from Attorneys
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.