I foolishly cosigned on an auto loan over a year ago for someone I am no longer in contact with. They have destroyed my credit due to the fact that they were late on payments by about 30 days 7 times, 60 days twice, and now 90+ days late. About 4 months ago I asked this person to take my name off the vehicle. He contacted me 2 weeks later saying my name was taken off and to leave him alone. Since then the repossession company came after me but I had no idea where the car was. I gave them info and kept checking in with Bellco. They said perhaps I have a case considering he lied and wouldn't honor my request.
My credit was 720 and is now 530. It's destroying so much for me. On top of it all he owes me $3,000 for a sound system but refuses to pay and tried telling me he already paid me off in cash. He did no such thing, gave his girl cash to give me and that was $80.
In the past he harassed me and stalked me which I've reported to the police.
I mainly care about getting my name off his loan. What are my options? Could I win in court? I've contacted several lawyers and none can help me with any of this.
Unfortunately, there is no such thing as getting your name "off his loan" because it is your loan also. When you cosign for someone you agree to be fully responsible for the entire loan along with the ort pay. Lenders require cosigner BECAUSE they have no faith that the main borrower can or will repay the loan. As a cosigner, you guaranteed that they would get their money.
The only way to "get off his loan" would be for him to refinance in his name only. It seems pretty clear from your post that he has no intention of doing that. You may well have a claim against him in small claims court, but if he doesn't have money it will be hard to collect even if you sure him and get a judgment for money.
The fact is that you could win a lawsuit in court, but that doesn't necessarily mean much.
The more difficult part of pursing a civil claim is collecting on the judgment once you get it. That is likely to be much more difficult. You are dealing with someone who regularly lie and cannot qualify on his own for a car loan. He probably has very poor credit and few assets. This is going to make it difficult to collect on any judgment you win. Further, if you are able to get a wage garnishment set up or levy a bank account, it is possible that he will file for bankruptcy protection and your debt will evaporate.
For these reasons, you are not going to be able to find a lawyer who can work on your case without payment up front and it probably doesn't make much sense to invest a lot of money hiring an attorney.
Your best bet is probably to pursue your claims in small claims court. Your court costs will be low this way and you won't have the expense of attorney fees. You can find forms and instructions on the Colorado Judicial Branch website or at the El Paso County Court.
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You probably cannot do anything about the co-signed loan directly. But indirectly if he owes you money for the sound system, you MAY be able to use a lawsuit there, a collection or breach of contract lawsuit to force him do deal with the car loan in some way. Short of getting a lawyer I would paper the heck out of Bellco, cooperate and beg them to do the right thing with credit reporting, probably a lost cause but my point is put it in writing, and contact them often trying to help locate the guy, etc., etc.
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