Quote:
Originally posted by BV
how can the father file on the car? He is just a cosigner
he's only guaranteeing that she will make the payments.
even if she filed but still made her car payments it is doubtfull they will repo it because she did not default their terms, she is still paying.
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The car is collateral for the loan. If he defaults on the loan, they have every right to get their collateral.
It doesn't matter if she's current on the statements. He is filing bankruptcy and per BR law, he has to include all his debts - which now include the car.
No, he's not guaranteeing she will make the payments. SHE is guaranteeing she will make the payments and by being a co-signer, they are both equally liable for the payments of the car. That's why it's called a co-signer.
Her loan contract probably outlines all this, BTW.