Auto loan issues with family, what should I do? ?
A few years ago I was talked into taking out an auto loan in my name for a family member that I trusted and I was told they would pay for everything. The loan, car, insurance, etc. was all in my name. Everything went through, all up front cost we're covered by him and the car was driven home. He decided a month or 2 later that it cost too much and stopped paying. The car was repossessed in which my credit too a big hit. Fast forward to now, about a week or so ago my mail was still being delivered to his house as I just recently moved out of state and hadn't changed the address yet. Unknown to me a letter for the company was delivered saying the car was sold at auction and that I was owed a surplus. Also unknown to me, this family member apparently claimed the surplus, received the check and tried to cash it but couldn't seeing as it was in my name. I don't know what to do here, and the company hasn't been of any help to me. What would you do in this situation?
- Little PrincessLv 72 months ago
Contact the company and inform them that you never received the check and request they reissue it.
If they don't, then you will have to take them to court to recoup the surplus you are owed.
There must have been a very large down payment, since rarely do cars sold at finance auctions come anywhere near the amount owed. Most of the time, they barely even cover the costs and fees involved in doing the sale, and thus don't even make a dent into offsetting the amount owed.
Consider yourself fortunate that there was even a surplus.
With regards to the harm you will suffer by having this on your credit history, all I can say is to live and learn. Be wary of trusting that family member again.
- NosehairLv 72 months ago
You know your family and if you didn't know this deal would work out as it has, you should have. Signing for someone else's loan shows you have massively bad judgement. If you are young and older family members "talked you into this" you need to understand that there was no concern for your well being in this deal. By signing for someone else's loan one sign's their life away with virtually no options to get out of that deal. You are also banking on completely trusting someone who has already demonstrated that they are a bad loan risk. You might be able to sue the family member who got the car, hopefully in small claims court.
- linkus86Lv 72 months ago
Ask the insurance company to cancel the check and reissue a new one to your present address. If you have to pay a fee, so be it.
- ?Lv 72 months ago
Explain it to the company and get them to reissue the check. Also report this family member for check fraud.
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- Nekkid Truth!Lv 72 months ago
Tell him to mail you the check so you can cash it for him. Once you have it, ghost him.
- 2 months ago
You were very foolish, you never ever co sign or sign for anyone else, not even family. The only thing you can do now is sue them in small claims court.
- Rick BLv 72 months ago
You made an incredibly dumb decision in the first place. The family member was so bad at managing money that they could not finance the care themselves. Why would you expect them to pay you if they could not manage to pay their debts in the past.
That being said, I would take them to small claims court and sue them for the surplus and any other amounts that this cost you. They cannot keep walking on people and getting away with it.
- scott bLv 72 months ago
I think you pretty much have three options:
1. Forget about it and move on
2. Contact the police to press charges for trying to cash the check, and for opening your mail, and perhaps get the check.(or convincingly threaten to to try to get him to cooperate. Being charged with felonies might be something he'd want to avoid )
3. Take him to court to try to get your money