i help a friend to get a car, meaning i signed as consignee, he returned the car after two weeks because he cant pay anymore the monthly payment. After 1 month he returned the car i received letter and invoice that i need to pay $19,000 my eyes got big about this, i just help and now i need to settle this. I informed my friend and he said he will help me. Oh my god this is so big money and what the heck this is happened to me, i need an advice maybe you can help me
consignee
- Thread starter Kylie
- Start date
I empathize with you, but why on earth would you co-sign a loan for anyone? You shouldn’t co-sign a loan, not even for your brother. That’s how it works; if the beneficiary fails to pay, you’re responsible for it. Didn’t you read the fine print before you signed?
I’m really sorry for you. I hope you can get your friend to sort this out. Morally, it’s very wrong that you have to pay money you didn’t even touch, but legally you have to. So sad...
He should have tried to sell it, at least. Unfortunately, it lost a chunk of its value the moment it left the lot, so you can’t get what you paid for it. It’d be better to owe $5000 as opposed to $19000. Try to find a buyer, take what they offer as per the car’s current value and have your friend get a personal loan for the balance and pay the financing company. That’ll take you off the hook and your friend will have to clear the personal loan.
So sad.
I’m really sorry for you. I hope you can get your friend to sort this out. Morally, it’s very wrong that you have to pay money you didn’t even touch, but legally you have to. So sad...
He should have tried to sell it, at least. Unfortunately, it lost a chunk of its value the moment it left the lot, so you can’t get what you paid for it. It’d be better to owe $5000 as opposed to $19000. Try to find a buyer, take what they offer as per the car’s current value and have your friend get a personal loan for the balance and pay the financing company. That’ll take you off the hook and your friend will have to clear the personal loan.
So sad.
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@Investocrat, you make it sound so easy. I fear that once the friend learns that he can walk away from this with no legal implications from the lender, he/she may just do that. I think the OP needs to approach this very tactfully. The OP also needs to keep in mind that this situation may easily mark the end of a friendship, unfortunately. Some tough choices have to be made.
NetMecca
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- Dec 12, 2013
- 121
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- 14-07-2009
So the car was returned? Surely the benefit of the car's value should be deducted off the debt.
I would start to find out where the car is and if you can get it back for a start. There are several ways to sell a car or even a lease if you are willing to take a small value loss (better than 19k). If you have cosigned you are on the hook, no escaping that. Never a good idea to do that no matter what. If you have way to reduce or get out of the amount my best advise is to contact the company and negotiate a downpayment rather than a full amount payment.
Good luck.
I would start to find out where the car is and if you can get it back for a start. There are several ways to sell a car or even a lease if you are willing to take a small value loss (better than 19k). If you have cosigned you are on the hook, no escaping that. Never a good idea to do that no matter what. If you have way to reduce or get out of the amount my best advise is to contact the company and negotiate a downpayment rather than a full amount payment.
Good luck.