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hollowmason64 said:Sorry, I'm a little confused by one thing—why doesn't the person who actually took out the loan just sell the car to pay off whatever is left? Or better yet, why aren't you asking them to do that?
Do you realize that if they start garnishing your wages, the overall costs are going to end up being higher since they won't be able to cover the full monthly payment anymore?
Because the loan holder refuses to sell the vehicle! Do I even have any legal standing as a co-signer to demand that the car be put up for auction? And what happens when the bank eventually seizes the car?
I am seeking some advice. Five years ago, I agreed to co-sign an auto loan. Up until two months ago, the primary borrower was staying on top of all payments perfectly. Now, they’ve informed me that I need to go to a local bank and set up a protected account because my paycheck of $867 is at risk. From what I’ve read, it seems impossible to establish that kind of protection before the funds actually hit my account. The total debt currently stands at 3 $0.00 (due to two missed payments). My question is: am I responsible for paying off the entire remaining balance of the loan right now, or just the overdue amount of $1000? Additionally, if the primary borrower finds employment in the meantime, does the situation revert to how it was? Does the primary borrower simply resume their regular payment obligations as they did before?