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Home > Cars & Transportation > Buying & Selling > As a co-borrower of a car loan,was I suppose to be notified before car was sold?

As a co-borrower of a car loan,was I suppose to be notified before car was sold?

  • Best Answer

    at a loss,  if you were a "co-borrower" what ever that is, the bank should have sent you a notice of non payment.....if you are a co- signer for the loan, the bank also would have sent you a notice of non payment.  just where did all this info end up?

    opinionated
    Lv 7 2 months ago 0 0
  • Other Answer
  • at a loss,  if you were a "co-borrower" what ever that is, the bank should have sent you a notice of non payment.....if you are a co- signer for the loan, the bank also would have sent you a notice of non payment.  just where did all this info end up?

    opinionated 2 months ago 0 0
  • A co-borrower?

    Lol.

    You're not a co-borrower.

    You apparently are not a co-owner either.

    You're a co-guarantor.

    Welcome to the unscrupulous world of money making! (And the irresponsibility of a "trusted" one, your "relative")

    If your name and address and phone number had been on the loan agreement, as it should have been, then the lender had a responsibility to contact you when the first payment was missed (unpaid).

    You want to know your rights?

    You have the right to have a copy of any document/agreement/contract that you sign, at the time that you sign it.  Did you get a copy?  The agreement would explain everybody's rights.

    I'm just curious about something.  What was the term of the loan?  How many months?  How many payments were made by your relative before s/he defaulted?  How much is unpaid?  Which car was financed?

    The lender can't keep the car AND the money.  It's one or the other.  If you pay the loan off, you get the car.  Since your relative gave the car back, you should pay it off, get the loan settled, get the title into your name, sell the car, and keep ALL the money that you get.  It probably will be less than what you paid, but it will settle everything and keep you out of further "hot water" from the credit agencies.

    Get your butt over to the lender's office today or tomorrow.  Go alone.  Your relative is now totally out of the situation.  If you get this straightened out, you give your relative nothing but a scowl.

    p.s.  If you are being sued, then your name and address were known to the lender.

    Many lenders typically play the paperwork game, then sell the car to a "disinterested" party, for a tiny percentage of the actual value of the car, then stick the co-signer with the loan balance, the penalty fees, the towing/storage charges and the co-signer gets nothing, because they wasted all the time given to rectify the situation.

    When were you first contacted about the loan default?

    A man's (or woman's) best defense is their intelligence.

    Did your relative tell you at the time that s/he was defaulting on the loan payments?

    If you lived in my area, I would straighten this out for you, but you can't start 3 months after the fact.

    Anonymous 2 months ago 2 0
  • As a co-signer ("co-borrower"), the primary borrower has no legal responsibility to notify you or get your permission to sell, trade, or voluntarily surrender the vehicle before doing it.

    The lesson to be learned here is to NEVER co-sign loans with anybody, not even relatives or loved ones. It's just not smart.

    AlCapone 2 months ago 2 0
  • You were supposed to be on the title!

    thebax2006 2 months ago 0 1
  • Yup, better have the boys from Chicago pay a visit to your friend.

    CactiJoe 2 months ago 0 0
  • You don't have that right but how could you not have known?

    Anonymous 2 months ago 1 0
  • You signed a legally binding loan contract, Evelyn.  I suggest you read the damn thing!

    g 2 months ago 2 0
  • You have the right to pay the balance due. 

    Bill 2 months ago 3 0
  • All of the details of the contract are in the contract you signed.

    Mostly those contracts assign you obligations to pay the debt with zero rights.

    Now you know why people tell you to never co-sign a loan. The only people who tell you it is OK to co-sign are the person with poor credit who needs a co-signer and the lender. The lender likes it because now they have two people they can get the money from.

    don_sv_az 2 months ago 4 0
  • No. The loan had to be paid off in order to get the title to sell the vehicle.

    regerugged 2 months ago 1 0
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