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i had a car loan in 1999 and missed 2 payments....i called the bank and the bank said the cosigner paid the payments now in 2009 i am summoned for 1700? the payments were 300 each . am i responsible? is there a statute of limitations?
Yes you are not responsible for it .
No there is not a statute of limitations.
Thanks...
credit
OP..do you still ahve the car ( I'm assuming)? When someone Co-Signed for you, they took the responsibility to make the payments if you din't. However....you should (maybe?) talk to the Co-Signer and see what you can do about paying them back ( if you can). I know 'we' fall into hard times, but,..'we' can, at least, try to do what we can to help. Can you Re-Fianance the vehicle so it's 'Up to Date' and current, so YOU can start making payments again?
I agree with sdchargers_63 ,
If you have cosigner he is responsible for your payment if you not paid to company he is responsible to pay company .
I think there is no statute limitations.
Thanks
Shekhar
If the co-signer has made any payment towards the loan in 2009, it means that the SOL on the debt has restarted and you are again liable for the debt.
But what I think is that, the creditor may be lying just to make you pay $1700 so that they can restart your SOL and sue you to the court to recover the entire amount. You should ask for debt validation by certified mail in order to be sure whether any payment has been made recently.