Can anyone recommened a lawyer? (Cary: credit report, loan, buyers)

[New2Cary]

I am hoping that someone can recommend a lawyer who can help me. I foolishly tried to "help" someone by cosigning an auto loan (I know... I know...) They took off with the car. Next thing I hear, the car was repossessed and sold.


I want to keep 'collections' from trying to take MY car away and to work out a manageable payment plan so that I can get this off of my credit. I don't know enough about the law to do this myself. I need a lawyer who can advise me, contact the creditor, etc. I can't afford to pay thousands in retainer (if I could, I'd just pay the loan). Does anyone know of a good attorney who may be willing to help in this situation?

Thank you, in advance.

[dedratermi]

Let this be a lesson to anyone reading this. Has this debt already gone to a collections agency? If so then I would recommend working directly with them yourself. Their #1 goal is to get paid so they will probably be willing to work out a payment plan, or accept a reduced amount as payment in full. You can also negotiate what they report to the credit reporting agencies. The key is to get everything in writing, and then make payments ONLY by certified bank check - never by a credit card or personal check! They are less interested in taking your car, than they are in getting paid. I don't know what a lawyer is going to be able to do for you except run up a bill for legal services. I think it's better to spend your money on satisfying your legal debt. Good luck and I know you won't be making this mistake again.

[saturnfan]

Brewer Law Firm can assist if you need bankruptcy protection to discharge the debt.

Otherwise, try to work out a payment plan or a settlement.

[NYC2RDU]

If the car was repossessed why is there still an outstanding debt? Isn't that the purpose of the exercise?

[twingles]

Originally Posted by NYC2RDU

If the car was repossessed why is there still an outstanding debt? Isn't that the purpose of the exercise?

My question as well. Also, they can't repossess just any old car, including yours. Is there something else going on here?

[Sayantsi]

Car was repossessed, so most of the original principle is paid off, but any outstanding amount - I'm guessing a few thousand dollars - is still owed by the cosigners. Frankly, you signed for the debt, a lawyer isn't going to legally help you. A credit counselor might be able to help you work with the credit agency; usually debt is resold at a fraction of the original amount, so you can try paying less, but with "fresh" debt, its hard to make a deal since the value is still so high and they know who you are and how to contact you.

Collection agencies can contact you, but they can't take your property like your car. They could put a lien on anything you own for the debt though, which means they will get paid from any proceeds when you try and sell it.

You need to find your cosigner and get payment from them, or file a case against them in small claims court for the balance plus damages.

You should explain your situation and ask your questions here - CREDITBOARDS.COM - Home

[tkreger]

New2Cary - Before spending money on an attorney, try to contact the creditor / collection agency yourself. dedratermi is right, a collection agency (and your creditor) will almost always be willing to work out a payment plan. Also, if you have a sizeable lump sum (but less than what is owed), offer to pay a lump sum in exchange for a release of your debt.

If you don't have other debts, and you have the ability to make payments on this auto loan, then I wouldn't recommend you consider filing for Bankruptcy.

Have you considered taking legal action against the primary borrower who 'took off with the car'? I assume that person has no assets, but if they do, you should consider suing them for what you end up having to pay (in small claims court if less than $4k).

[CYB]

Originally Posted by Sayantsi

Car was repossessed, so most of the original principle is paid off, but any outstanding amount - I'm guessing a few thousand dollars - is still owed by the cosigners. Frankly, you signed for the debt, a lawyer isn't going to legally help you. A credit counselor might be able to help you work with the credit agency; usually debt is resold at a fraction of the original amount, so you can try paying less, but with "fresh" debt, its hard to make a deal since the value is still so high and they know who you are and how to contact you.

Collection agencies can contact you, but they can't take your property like your car. They could put a lien on anything you own for the debt though, which means they will get paid from any proceeds when you try and sell it.

You need to find your cosigner and get payment from them, or file a case against them in small claims court for the balance plus damages.

You should explain your situation and ask your questions here - CREDITBOARDS.COM - Home

What Sayantsi said.
They can't take your car unless you used it as collateral.

[LoopDeLoop]

disclaimer - not an attorney so not authorized to give legal advice. but i am a paralegal that has worked some creditor collections & can share my experience.

they could take your car, but only if they have a judgment against you & the judgment lien attaches. also, even though a car is repossessed, there will 99.99% of the time be remaining principal / interest / late charges / fees to pay, so just turning in a vehicle does not take you (or them) off the hook. that's the price of doing business & borrowing money to purchase an item.

Originally Posted by tkreger

Before spending money on an attorney, try to contact the creditor / collection agency yourself. dedratermi is right, a collection agency (and your creditor) will almost always be willing to work out a payment plan. Also, if you have a sizeable lump sum (but less than what is owed), offer to pay a lump sum in exchange for a release of your debt.

i agree with this.

[zthatzmanz28]

Originally Posted by NYC2RDU

If the car was repossessed why is there still an outstanding debt? Isn't that the purpose of the exercise?

Generally a repossessed vehicle is sold for dimes on the dollar. Do not be surprised if a car worth $20,000 sold for under $5,000 at auction. The creditor does not care what it sells for, they will come after the borrrower. And buyers at auctions are leary since repossessed cars can be severely damaged by previous owner befor repo or by repo company. It's gamble for the buyers at auction so they usually go very cheap.