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I cosigned on an auto loan in 2007. At least I thought. I signed on the line where the cosigner signs and was told that I was the cosigner by the dealer. The individual stop making payments and the car was repossessed in 2008. The creditor contacted me they said that I was the main borrower. I informed them that I was the cosigner and they said that the loan is in my name as the main borrower. The cars tittle was in the other individuals name, the insurance was in there name and the tittle was also in there name. My name was not on anything but the loan. Can they do that? How can you cosign for a vehicle and not be on any pertinent information but the loan. What can I do? Am I held liable for a loan as the main borrower if my name was not on the tittle? Insurance? Registration? What can I do to rectify the situation?

We’re to the point where we’re about to fall behind on our bills. I’ve been trying to sell my car but no one wants it. It’s still worth about market value, MAYBE a tad less, but no one wants it and I have to be paid OVER what it’s worth in order to sign the title over to them (I still owe like k). So I’m stuck.

Someone suggested to call my creditor and tell them to just come get it. That I can’t pay for it any more. They’ll come get it, send it through auction, and then I’ll have to pay the difference, but that will be WAY less than what I owe on it.

I desperately needed this car when I got it but now I’m married and my husband has two cars so mine is really just the extra. Having this off our backs will save us 0/month, what with the car payment and insurance payment gone.

My question is: How terribly is this going to affect my credit score? If it’s going to be more trouble than it’s worth then I guess I’m stuck with the car, but if it’s something that is just a small hit and then goes away quickly then I’m going to do it.

Friendly suggestions are appreciated!

Thank you! ^_^

My Moms car was repossessed and during this time, no one was at home. During this time, my mom’s neighbor told her that when the tow truck company came out, they had broken the steering column to get the car. Now the bill has been paid and not the creditor nor the tow truck company is fessing up to it. The tow truck company says it was like that prior to them picking up the car and said it makes no sense that their people would break the steering column. Why would they do that? She can’t afford to get that fixed and towed from where it is at. What steps should we take now?

I purchased a car for a friend and do to some unforeseen occurrences she could no longer make payments on the car. I informed her to turn the car in and she did as I myself was not able to make the payments for her. After this time I received a notice from the creditor that the car was in there possession and that it may be sold in a private or public auction or sale. I then received a notice from the credit reporting agency equifax that a suit or judgment has been added to my credit report; when i checked it out it was from the credit union that financed the car the friend had voluntarily turned. So what I would like to know at this point is: 1. what does a suit or judgment mean on my credit report, especially for a account that was given a status of a charge off? 2.How do I find out if in fact I am being sued and what I can do? 3. Can I be placed in jail if i cannot pay or can they take my car that i purchased from another dealership and am currently paying for?
I live in Texas, there is no judgment made on the case yet becuause i haven’t been served no – notice in the mail or in person. Hope this will help make things easier to answer the question.

According to her, he kept calling her (which I don’t doubt… I was present for a lot of her phonecall), and he was threatening to have the police take her to jail for theft.

Now, from what I understand, there’s no such thing as a debtor’s prison, however, the car wouldn’t start, so, she couldn’t get it back up to the dealership (which at least would have been listed as a voluntary repossession). Under the fair debt collections act, was the man who called her within legal limits in threatening her and her family that they would go to jail unless they got the car?
She knew that the car was going to get repossessed… She was just trying to find a way to get it back to the dealership so that it wouldn’t look so bad.

They scared her and her family, though, and her mother told them where she was living.

Her mother, though, recorded the conversation so that she could show it to my friend. I want to know, though, if there’s anything that she can do, though, due to the fact that they have that recording…?

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