Co Signed For A Friend On 2 Loans And Now He Doesnt Pay Anything. What Would You Do?
My friend (20) and me (38) co signed on 2 loans and I cannot get him to pay anything. In Oct 07 I cosigned for a Jeep (I’m Primary) payment is 340/month and insurance is 280/month. In Jun 08, I cosigned (I’m primary) for a personal loan for his scooter, payment is 120/month. I lost my job and he has been working for 2 months at 10/hr, 40 hrs a week. His girlfriend lives with him and she makes 8.00/hr, 30 hrs a week. They have no other bills and moved out from my house in Sept 08 and live next door at step dads house.
He never had to pay insurance, I will pay to help him, but now he has not made any payments on the scooter (3 months worth) and has missed 5 Jeep payments in a row. Minimum I am out is 3460 for all.
Tried to take Jeep back in Sept and step dad said to me ‘your not taking my Jeep’ His step dad uses this Jeep as his personal car. I he does have a beer when he drives. He goes to buy xanax, Lowertabs, and etc. His house is in preforeclosure, elec is turned off, water is bypassed by the meter, and the step dad had a key to my house - he stole my food! His brother and everyone else uses the scooter and now the brother is telling me I cant use it - I make all the payments!!
I spoke to car loan and sheriffs office. I was told I have a serious law suit. Jeep is titled in both name but has an OR not an AND. I can take Jeep b/c I have 50% right to it. I have the title to the scooter. Friends license is suspended for a non paid ticket. Step dad said he will continue to drive even with expired tags (09/08) and doesnt care if a I take insurance off.
I have a storage shed reserved for next week. I am planning to take Jeep at their employers and put in shed. Then I will come home and get scooter. Sheriff said I could call them out, they seen all the paperwork and I can legally do this.
Brother threated my life 2 weeks ago when cable company caught them stealing my cable from my cable box - he cut thier cord. He has hit me in the past and has stolen and broken many things (a/c unit, new phones, food, tools, etc)
I feel used!! I have new alarm installed. Friend was a good friend but he hasnt talked to me much since he moved out. Am I doing the right thing? What would you do?
Sounds like a real mess.
I don’t need to tell you that co-signing for someone is a very, very bad idea.
Legally, in spite of everything your friend has said, done, or will do, you are responsible for paying the loan on the Jeep. There’s no way around that.
If I were you, I’d file a lawsuit against your friend to get possession of the Jeep and then sell it to pay off the loan. You really need a lawyer to get involved. That’s not going to be cheap, but the expense of a lawyer is nothing compared to having your credit screwed for the next 7 years.
easy very easy … they sound like idiot muscle heads… what u do is this, call the bank tell them you not goin to paying for the car no more. have them pick the car up them.. when the bank has it .. pay the truck and be on your way…