vehicle ramps

What are my rights to co-signing for a lost vehicle with an outstanding loan?

Here is the situation… I co-signed on a vehicle for a person who since day one has been the sole driver. He took the vehicle out of state without my permission, stopped making payments for which I have been held responsible for, then totalled the vehicle by speeding off a ramp and failed to report the accident to me. After learning of the accident +3 months later I made a claim to my gap insurance only to be denied due to lack of insurance on vehicle and claiming past the 90 days allowed from date of accident. Then when I contacted the towing company they told me the vehicle was sold at auction. No notice was ever sent to me or the bank that they had the vehicle and were going to sell if not recovered. I can not find the co-signer, last I know he is in CA where the accident took place and I am still making payments on the car that is not in my possession. What can I do? Legally? I need advice. I have learned my lesson. Will he ever be held responsible? How can I find him?

Sounds to me like you were only that guarantor on the loan, not the owner of the vehicle. Since your name did not appear on the title, no one owes you anything. You, however, still owe the company that loaned the money to purchase the vehicle. That is the nature of a guaranty. You promise to pay if the original signer doesn’t pay the loan. Sounds like you got what you bargained for.

BTW, since it is easier to get you than him, he will never be held responsible. And he doesn’t owe you anything. When he signed the loan papers, he promised to repay the loan. Now that you have done so, his obligation has been paid.

** Note: This is a general discussion of the subject matter of your question and not legal advice. Local laws or your particular situation may change the general rules. For a specific answer to your question you should consult legal counsel with whom you can discuss all the facts of your case. Answering this question does not indicate an attorney-client relationship. **

Single vehicle Accident again Wheeler Blvd Ramp , Moncton

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