auto totalled and still owed on with no insurance (cosigner) need advice?
Written By: jacob on November 21, 2009
3 Comments
ok so I was the cosigner on an auto loan which was not paid… come to find out the automobile was totalled in an accident with no insurance. The company tried and tried to get money from me and I did only what I could. It now says charged off as terrible debt on my credit report. what does this mean and what else can they do to me? I am a full time college student with no employment
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Tags: auto loan, automobile, bad debt, cosigner, credit report, full time, insurance, money, time college student
So where is this ‘friend’ that left you high & dry that you co-signed for??? Did the finance company approach them or couldn’t locate them?
I don’t care who questions you…friend, family, lover, mistress..never, ever co-sign for anyone. You learned the hard way.
I reckon they’ve done everything they can. They’ve ruined your credit, requested you make payments. If your not employed they can’t garnish your wages, unless your a minor they can’t approach your parents. I’d try to locate your buddy that got you into this mess and they them make amends.
Don’t try to get a credit card or finance anything. Your credit is trashed and will stay that way for a long time. They could still come after you for the money. Never co-sign for anyone.
you stepped in it ! never co-sign for anyone. now its YOUR PROBLEM . thats why they sold you the car. you had credit and the means to pay for it if the other party defaulted. now it will be with you 100% till its paid for or you’ll have to clarify your situation to vertually everyone that you try to get credit from. i reckon i’de go look for the other buyer and squeeze the money out of their sorry a@# ! and dont forget to thank them for leaving you with the tab !