QUESTION
I have been stuck making the last 6 payments on a car that I cosigned, called bank to tell them I can''t continue, do I have any other resources?
Asked on Aug 03rd, 2012 on Collections - New York
More details to this question:
Car has been with a dealer for the last 6 month trying to be sold to no avail. My nephew who owns the car is in prison for a DUI, he stopped making payments when his licence was suspended. I can not continue to make these payment and stay afloat, bank stated they will sell the car and send me to collection for the difference, any advice on how to salvage my credit...I have a credit score of 787 which I know is going to be affected.
1 ANSWER
If you believe the vehicle is worth more than your remaining payments and you have the ability to transfer title you may allow creditor to take possession for purposes of resale in exchange for a release of the balance due, prior to your next payment. You should not need an attorney, but you may wish to retain one to help facilitate. Please feel free to visit my website www.nathansonlaw.com
Answered on Aug 09th, 2012 at 11:36 AM
I do NOT know you. I am NOT your lawyer. For more information, please feel free to visit my website or schedule an appointment. nathansonlaw.com