Legal Question in Credit and Debt Law in Virginia

responsibity of the co-signer if the buyer is financially capable to make payme

I co-signed a loan on a vehicle for my roommate. After one year of timely payments, the roommate stop making payments on the loan,and the vehicle was reposessed.

Now the collection department of the loan division is threatening to take us both to court. I would like to know what my responsibilities are as the co-signer if it is found that the buyer is capable of making payments.


Asked on 3/27/05, 9:49 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: responsibity of the co-signer if the buyer is financially capable to make p

You are both jointly liable to the lender. Your roommate would be liable to you for any amounts you are required to pay to the lender.

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Answered on 3/27/05, 9:54 am


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