Hi,
I cosigned on a lease vehicle for my cousins husband. They have not paid on the car and now the bank is actively looking for the car. It has been MIA for a few months now, and he is nowhere to be found. I am a full time student and this has affected my credit gravely! I have to be sent to other agencies for my school loans and I am worried every semester that I won't get approved! I am trying to settle with the bank (GMAC) but they won't budge because they said since it is a leased vehicle they don't have any room to negotiate on the amount owed. My whole family is putting money together for me to pay off this bad debt! My credit is impeccable otherwise! I am never late on any of my credit payments. My score was in the high 700's now it is in the low 500's! What can I do?
:cry:
Forums
Are you sure that no one knows where he is? Did you try filing a missing persons report on him or filing a missing vehicle report on the vehicle. If you do the missing persons report you can give the police the identifying information on the vehicle and if they run across it then they would alert you.
Goodluck, hope they do what they are supposed to do and soon, either pay or return the vehicle.
cosigner
GOSH... sounds like these guy really stabbed you in the back!! I'm sure the bank/lender can repossess the vehicle. However..you said this person is MIA. Wow!! Ya know,...i wonder if you can report the vehicle stolen. That WOULD be the truth, since you don't know where it is. I sure wouldn't trust this person again.
Are you able to contact your cousins husband? if not, go for vehicle stolen & his missing reprot immediately
cosignor
Thanks for your concern and help! Yes, no one has seen him, he has made contact with people, but never saying where he is. I have been dealing with this since 3/09 and I just want it to go away. He owes a lot of debt and i guess is in hiding. Meanwhile, he probably has made the car disappear or whatever because it is not registered. In which case I am responsible since i am the co-borrower. I want to know how I can negotiate with the lender for a reduced pay-off amount?
Thanks!
cosigner
You said you were the co-signer on the loan, correct? That doesn't mean you are on the registration. Are you on the Insurance/Registration?
If I were you I would really mad that someone in the family is talking to this person and not finding out where he is or giving you the number so you can have it traced. You know it has to come over the caller ID, seems as if they don't care if they mess you over or not. This person should have walked away and let you have the vehicle when they realized they were not going to be able to afford it. This is just wrong.
I know this may sound strange but have you thought about hiring a private detective to find this person.
co-signor
I guess I am a co-borrower. His credit was not strong enough to get the car. My family lives in CA and I live in FL, he changes his # all the time as he buys pre-paid phone cards. GMAC has already hired PI's to look for him.
Does anyone know how I can negotiate with the lender for a reduced payoff amount?
Thanks!
car
FLIPENG......you said you already talked to the Lender. MAYBE he might drop your % rate, since he knows you DO have good credit. If you din't, you couldn't have been 'qualified' as a co-signer. The issue concerning the family member: that's just horrible that a family member can do this to another. Hopefully the PI will find him. Ya know....something I strongly believe in......'what goes around, comes around'.