Let me start by saying I’ve learned my lesson about co-signing. I know I was stupid, but I’m at a complete loss about what to do now.
A few years ago I helped my ex buy a car cuz they had no credit. Unfortunately I agreed to not just cosign – I was made the primary borrower to get the rate down. My ex told me they’d refinance up until after our breakup when they claimed they couldn’t because it was worth less than the loan (which was something they knew ahead of time, because that’s what happens with every single car bought new). I don’t think I was ever put on the title for it, though.
I’ve been no contact with this ex for most life of the loan at this point, I haven’t even seen the car let alone had access to it. They made payments pretty regularly for a bit, then started falling behind more and more often. They haven’t made a payment since sometime last year and the account is now severely delinquent; I’ve received multiple repossession notices, but obviously I don’t have the car.
I do have a friend who is still friends with my ex on FB, and they were dumb enough to put their phone number on their profile. So I have what I believe to be their current info, that the lender I’m guessing does not or they would’ve been able to repossess the car by now. I’m planning on giving this info to the lender, if only to give them someone else’s voicemail to fill up.
The issue I have is that I’m dead broke – I could not afford to pay any deficiency balance or court costs. What legal recourse does my ex or the lender have against me if I’m unable to pay any fees for a car I never even owned?
As the primary borrower on the car loan, you are responsible for the full payment of the loan, including any deficiency balance if the car is repossessed and sold for less than the remaining balance on the loan. If your ex is unable or unwilling to make payments on the loan, you may be pursued by the lender for the balance owed.
The lender may also take legal action against you, such as filing a lawsuit to obtain a judgment for the amount owed. If a judgment is obtained against you, the lender may be able to garnish your wages or seize your assets to satisfy the debt.
It’s important to note that providing false or misleading information to the lender, such as giving them someone else’s contact information, could be considered fraud and could result in legal consequences.
You may want to consider contacting the lender to discuss your options for resolving the delinquent account, such as setting up a payment plan or negotiating a settlement. You could also seek the advice of a consumer law attorney for guidance on how to handle the situation.