My mom co-signed on an auto loan for me a few years back and up until about 6 months ago when I lost my job I paid my payment on time all the time. I only owe about $4000 on the car. However they are wanting to reposes it now, or I can pay $2000 and then finish up they payments. The repo man has been going to my mom's work and threatening her and telling her he is going to have her fired from work and sent to jail if she doesn't give him the car. Can they do that or are they just using "scare" tactics to get the car?
The repo man cannot have your mom fired or jailed. In fact, if he is coming to her workplace and threatening her, she should call the police and file a harassment complaint. Unfortunately, repo men are not generally covered by the Fair Debt Collection Practices Act or he might be subject to further laibility for making such outrageous statements.
On the other hand, if you don't pay the car note, the car will eventually be repossessed. Your mom, as cosigner, can be held responsible for any payments you do not make or for any difference between the amount owed on the car plus the repossession costs and the amount received when the car is sold at auction. As a cosigner, your mom is responsible for any payments that you don't make.
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If you are both liable on the loan then you and your mother are jointly and severally liable for the debt owed. What this means in practical terms is that a creditor can go after you personally or your mother for the debts you owe. Hope this helps.
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