Miami, Florida
Not resolved
4 comments

I co-signed a loan for an x-friend of mine. He has the only set of keys to the vehicle and is not paying.

He's changed his cell phone number, so I'm getting all the harrassing calls. The bank keeps telling me they're going to ruin my credit, but they don't seem to want to help me get the car. They keep saying that they want to repo it. The police tell me that I can't take the car because possession is 9/10ths of the law...

so why should I pay. I'm the primary signer on the loan.

THAT'S WHY CAPITAL ONE SUCKS. They shouldn't even be calling me. I have every right to that car.

Everytime I find out where the truck is, I call Capital One, but they do nothing. I was told by the police not to contact the other party because I would be arrested for harrassment. THIS IS ***.

NEVER EVER CO-SIGN A LOAN FOR ANYONE. YOU WILL ONLY BE HARRASSED FOR DOING SOMEONE A HUGE FAVOR.

Monetary Loss: $19.

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Anonymous
#77637

Actually, ONLY THE SIGNER on the account is allowed to request voluntary repossession. Even if the 3rd party is listed on the account as an ok-to-talk-to person, or what have you, if his name is not on the loan.

COAF will not repossess. So you can call and request voluntary repossession. And then you would have to pay the total amount due to recover it. They can't take it, and then give it to you.

But you need the location of the vehicle. If you know this guy's information, or whatever, do what you can to find him.

Go online and search him, or something. And when you do, just call COAF and request voluntary repo as a last resort.

Anonymous
#77636

Actually, ONLY THE SIGNER on the account is allowed to request voluntary repossession. Even if the 3rd party is listed on the account as an ok-to-talk-to person, or what have you, if his name is not on the loan.

COAF will not repossess. So you can call and request voluntary repossession. And then you would have to pay the total amount due to recover it. They can't take it, and then give it to you.

But you need the location of the vehicle. If you know this guy's information, or whatever, do what you can to find him.

Go online and search him, or something. And when you do, just call COAF and request voluntary repo as a last resort.

Anonymous
#46603

No finance company is going to get involved in a civil dispute like that. You have to take him to civil court, but if you don't pay in the meantime it will hurt your credit and his.

The only way that they could get the car back for you would be a repo and they would need his permission for it to be considered voluntary. Face it, you know you should've known better, but you did it anyway and now you have to deal with the consequences of a hasty, bad decision...

suck it up and do what needs to be done so you can move on and learn. Just don't be a sucker again.

Anonymous
#45712

not ***, you knew before you co -signed for the loan your friend had bad credit or else your friend wouldn't have needed you to co-sign, you should have just said no. you owe the money, now pay up, lesson learned