Car Loan
January 15th, 2009 by Questions
This might be a dumb question I have not missed a car payment for the past 7 years I have had a 2003 Pontiac G6 and now I drive a Pontiac Torrent 2008. I made dumb mistake and last year I co-signed for a friend for a car now he is not making payments I have indicated to GM to go and pick up the car .I know I will take a hit on my credit score. But can GMAC take my Torrent which I have not missed a payment Thanks
Posted from: Ontario
One Response to “Car Loan”
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January 16, 2009 at 10:27 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
They shouldn’t take your Torrent as it isn’t pledged against the loan, but once they seize your friend’s car, they will auction it off, apply the proceeds to the balance of the loan and then come back after you and your friend for full payment of the outstanding balance plus any costs of repossession and sale.