I’m being Sued by Ford Motor credit…….?
September 9, 2010 by TheRainMaker
Filed under Securitizations
Question by lp: I’m being Sued by Ford Motor credit…….?
I received a “request for entry of default” in the mail from an attorney for Ford motor. It said there was a court date in March 2008. I was never served. when I called the court they said it was served to a “jane Doe” and a default was entered in June. what do I do???
I was a cosigner on a car and they repoed it and sold it. now they want the difference.
Best answer:
Answer by Mya1500
Get an attorney.
Add your own answer in the comments!
lesson learned? never cosign for anyone. pay it you have no choice. then see the person who defaulted on the loan and put them in the hot seat and find out why they didn’t come to you when you had a chance to resolve the problem before it got this far…
That is what happens when you co-sign for someone. YOU are taking responsibility of ANY monies owed when co-signing. So, I would suggest contacting Ford and see how you can make arrangements to start paying!!!
I would for sure get an attorney, this could be expensive
Good Luck! <3
Now, you pay the difference between what was owed and what they got for the vehicle at sale. An attorney would be a waste of your time and money…. you cosigned, you owe.
you need a lawyer…. this is obviously not something you can handle on your own, if you are coming to “Yahoo Answers”…..
Usually if a car is repoed it is sold for the price that is owed to the company. Never heard of it being undersold. Maybe the retail value was not high enough to sell at the needed price. Find out when the other person stopped making payments. Get a lawyer!
I’m sorry to say it… but if you were going to do something about it to protect your credit and your finances, you should have taken action when you first learned of the default on the payments- which probably happened long before any court date. Co-signers are given the opportunity to bring the loan current before a repo ever happens because the last thing Ford wants to do is have the collateral back. You don’t have to be served by having paperwork personally handed to you in order for the court to consider you served. You could talk to an attorney, but I think you’re on the hook for this one. Sorry.