Co-signed Ex, now the situation is getting sticky

[more_cowbell]

Bad decision on my part, but I cosigned for my ex and now he is 60 days past due and no one knows where he is. So now the finance company is after me.

 

But the thing is, we never signed a contract with the finance company. We signed a contract with the dealer, who then turned it over to the finance company. Do I have an out? If not, it's ok, lesson learned. But just wanted to check.

[MarvBear]

On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum. We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.Come get your new keys!HAPPY MOTORINGCB Admin: LKH, Pam, radi8, breezeCB Mods: cotterpin, CargoJon, CramitCCCA's, fla-tan, MarvBear, psp, pryan67, Forum Leads: TeeSharice, orangecrush, Four20Nik and Neen

[VPofCredit]

Bad decision on my part, but I cosigned for my ex and now he is 60 days past due and no one knows where he is. So now the finance company is after me.

 

But the thing is, we never signed a contract with the finance company. We signed a contract with the dealer, who then turned it over to the finance company. Do I have an out? If not, it's ok, lesson learned. But just wanted to check.

 

This is how most auto deals are done. The finance company buys the deal from the dealer. You are legally responsible. Try to work something out with the finance company if you can.....

 

I hope you find your ex and everything works out... good luck

[MarvBear]

In most typical cases, an indirect loan is assigned to the leinholder.

So, in essence you really did sign a contract that is enforceable.