What to do if I turned my vehicle over to my co- signer who let the account go delinquent?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if I turned my vehicle over to my co- signer who let the account go delinquent?
I turned my truck over to my father who is the co-signer. While he was driving the truck it caught on fire and was not fixable. The insurance gave my father a check for the amount the truck was worth. He took the check and did not payoff the loan. It now shows “account closed—- delinquent” on my credit report. Is this something I have to live with, my father screwed my credit, or can I sue somehow? Is there a way to get this vehicle off of my credit?
Asked on June 23, 2011 under Bankruptcy Law, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Yikes! I am really sorry for your situation. Your Dad did you a dis-service here and unfortunately unless you pay off ht account it will remain on your credit report. What's worse is that you may be sued in the very near future for the balance of the loan. I would try and resolve the matter with your Father as soon as you possibly can. Were you both on the loan agreement? Were you both on the check from the insurance company? Did he forge your name to deposit the check> These are issues to think about and discuss with an attorney should it come to that. Good luck to you.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.