If you cosigned on a car loan and the primary defaulted now the lender is threatening to issue a judgment against you what does that mean and how do judgments work?

%REPLIES% Answer If you cosigned a car loan and the primary defaults, you are now legally responsible for repayment of the loan. If payments are not made on the loan the vehicle may be subject to repossession by the lending institution. As the cosigner on the loan you have guaranteed that if the primary does not make payments YOU WILL.

If you do not want this situation to adversly affect your credit, make sure the payments are made. A legal Judgment is issued by the court, and is an attempt to collect a debt that is owed the plaintiff/lending institution. This could include repossession, or deducting the payments from your payroll checks Answer How long will it take from the date of the notice of Judgement is sent to your house.Is it 10-day grace period and 30 days to paperwork and court date?

If so, since she is filing bankruptcy shouldn't I file also since I'm told the loan is for 10,000 yet the car is only worth $300.00 in a lien sale and is not worth the repair. Is there any way to tell if the car was insured? Help!DWood.

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