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Co-signer nightmare....

The last post in this topic was posted 4787 days ago. 

 

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I'm sure you've all heard this one before.... :rolleyes:

 

Mom co-signed on a used car loan for my little brother earlier this year with Chase Bank. Around March or April, I think, for $12,000 or so. Against her better judgement, but oh well....

 

Brother, being a usual irresponsible 20 year-old, started getting behind in payments after 4-5 months. Mom did some major kicking of herself, and decided that, even though her name is on the loan with him, she is not going to bail him out for this one. (A decision I wholeheartedly support!)

 

The current issue is the phone calls. She is receiving 5 and more phone calls a day from them. He is currently pushing 90 days behind. He's been running at 60 days behind for a couple of months. She has told them on a number of occasions that she is not going to pay for him, and would rather they come and repossess the car. She has given them his personal cell number, and other information, yet they keep calling her home. She is more than aware of the damage that this is going to do to her personal credit, but at this point, she just doesn't care.

 

My question is, does a limited c&d letter work with an OC? The loan hasn't been assigned to a collection agency, but is in Chase's collections department. Is there a way for her to get the phone calls to stop or does she just have to ride it out?

 

Thanks! :)

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If she is truly determined to go down with the sinking ship, then she needs to write them and simply say 'come get it and send me the paperwork."

 

I would have suggested that she make the kid turn the car over to her, and then her sell the car to at least try and recoup some of the losses. Barring that, get the car back, refi into her own name and let it sit in HER garage as a reminder to the deadbeat of what he pissed away.

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If she is truly determined to go down with the sinking ship, then she needs to write them and simply say 'come get it and send me the paperwork."

 

I would have suggested that she make the kid turn the car over to her, and then her sell the car to at least try and recoup some of the losses. Barring that, get the car back, refi into her own name and let it sit in HER garage as a reminder to the deadbeat of what he pissed away.

Agreed... at the very least she needs to take the car from him.

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Believe me, I agree that she shouldn't have to trash her credit over this! I wish she would sell the car herself. :angry:

 

But she does not want to take the car away from him, and can't force him to sell it. Her decision is just to let it go, for better or worse, so I'm just trying to help make it less painful for her in the process.

 

So under these circumstances, is it possible to use a limited c&d on an OC, just to get the phone calls to stop? Or is she just going to have to wait until it's been repoed and use the c&d on whatever CA it gets assigned to?

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She's really only hurting herself. Son very likely already has bad credit (thus the need to co-sign in the first place) for other reasons so he doesn't care about one more.

 

She can take the car away from him. It's as much her car as it is his. If he doesn't care if it get's repo'd he's not going to preserve its value. She may or may not need his signature to sell it depending on how the title is worded.

 

She should either take it and catch up the payments and use it for herself or sell it (even at a loss, it will still cost her much less than getting it repo'd).

Edited by mk_378

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Being the co-signer means she is as responsible as he is. So it is basically like her not making payments on the car. I know what she is doing is good intentioned but she is going to end up paying for it more then him.

 

I would talk to them and see if something cant be worked out to salvage the mess.

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I know, guys, really I do. I wish there was something else she could do, but she just can't handle that kind of confrontation with him. Not to mention, I just found out that apparently her name isn't even listed on the title, so she has no right to try to sell the car herself. And he's not about to hand the keys over anytime soon!

 

I really just need to know if we have any way of getting the phone calls to her house to stop. :good:

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But she does not want to take the car away from him, and can't force him to sell it.
she is not going to bail him out for this one. (A decision I wholeheartedly support!)

by not taking the car away... thats exactly what she's doing... and by asking for ways to "just make the calling stop" instead of assisting in securing the vehicle...you are supporting the bailout...

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But she does not want to take the car away from him, and can't force him to sell it.
she is not going to bail him out for this one. (A decision I wholeheartedly support!)

by not taking the car away... thats exactly what she's doing... and by asking for ways to "just make the calling stop" instead of assisting in securing the vehicle...you are supporting the bailout...

 

 

Okay, then. In light of the new information I received that her name is not on the title of the car, how do you suggest she proceed?

 

By bailing him out, I mean she's not going to make payments for him so that he can drive around in his pretty car and not have any consequences for his irresponsibility.

 

And of course I support my mother. It's a load of crap what he's doing to her when she just wanted to help him out. I definitely don't agree with the "let it get repoed" philosophy, but I can't make either of them do something they don't want to do.

 

So I'm just trying to help buy her a little peace from the phone calls. I don't think there's anything wrong with that. :good:

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More tough love time. If his need to be irresponsible outweighs his love and concern for his mother, she should put him right out of her life - at least until he decides to grow up and be a man.

 

(This is coming from someone who knows from family estrangements - they completely suck at the time, but boy they help you grow up fast.)

 

Good luck to all involved.

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The last post in this topic was posted 4787 days ago. 

 

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