Car repossession...Car is with mom!!Help.

[nurse1212]

Ok here is the deal( I live in denton county not deton county)

* 2 years ago I signed a loan for my mom for a 2002 ford ranger. At the time of signing the dealer and my mother stated that I was co-singing. I was 20 at the time and I had never bought a car before so I really didn't know the process . I believed my mother when she said I was co-signing. But to find out the car is in my name only.

*2 years later my mom is 4 car payments behind ($1,045 total) and the company is attempting to take the car or sue me if I they can't find it.

* I am going to take the car and catch up the payments but I don't know what to due. I really don't want a repossesion on my credit but I already have a car, and paying for both is going to kill me. Not to mention I am paying for college.

* I really don't know what to do! I am in panic mode right now. Is their any way I can sell the car or get rid of it without it going on my credit. I need any adive I can get.

 

[Duranie]

You might want to call the bank and see what you can do. If the car is in your name, then go get it. If you offer the bank a volunatry repossesion then perhaps that wont be as bad as them coming to get the car as a repo.

Never co sign for anyone. This is what happens. Your credit is probably already trashed

 

[rhondam71]

Where is your Mom? I am so sorry that your Mom would do this to you. If you are a co-signer for anything, the other person's name appears on all the documents as well. That's how you know if you are the sole signer or not. If you cannot work with your Mom to get the car back ASAP, report it stolen and get it that way. Don't turn it in. Pay up and then sell it.