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IceBeNot
 
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Friend screwed me over bad, vehicle loan

I really don't know what to do right now. My best friend that I grew up with screwed me over pretty bad. Never in a million years would I have thought he would do this to me. I know I have learned a lesson not do anything for anyone anymore which includes family. Years back my friend was in a rut with his business and I helped him get a truck loan in my name with his mother as co-buyer. This vehicle (2006 GMC Serria one ton) was used in his business for paving. So it was a money maker. He actually kept up with his payments and everything was good. The worst was sometimes on rare occasions he was late which was okay with me. I seen all account activity so I was okay with it. Now this is where the begins...

He had a another truck a 2001 Ford pickup (which has nothing to do with me) and the engine blew. So he still owed on that loan, and said fuck it. He destroyed the truck. His mother was co-signer on that vehicle. Now... Because he said fuck it, the bank went after his mother. She said fuck it. So they somehow come after me saying because his mother didn't pay that vehicle loan that had nothing to do with me. I got calls from the bank saying because of her not paying that loan, they are taking my vehicle. Now does this seem right? Since I was the buyer and she was just co-buyer? They then repo'd the truck and sold it at auction for a measly $4,500 something. It was a expensive vehicle. I still can't get over that. Someone got a nice deal.

So now, I am 27 grand in debt because of this. They just started garnishing my wages and I lost a bunch of friends over this. I don't know what to do. I told him to give me $1,800 (for bankruptcy) and he only offered $900. So of course I freaked out when he refused to give me the correct amount. My credit is shot to shit, all my credit cards are closing my accounts because of my credit. I am now worried about my current truck which I still owe money on. I can't afford to lose that because of all this. Anyone have any advice what I could possibly do? Thank god my loan for my vehicle isn't with the bank that I had with the other one.
Old 06-04-2011, 08:33 AM IceBeNot is offline  
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Sup
 
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wow man that does suck, he must really not like you
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Old 06-04-2011, 08:50 AM Sup is offline  
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Forever Domon
 
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... something is wrong here. They cant levy a loan against you which you arent a signer on (the 2001 ford). Sure he didnt forge your signature or something on that loan paper?

Or his mother stopped paying the second loan too, and thats what theyre coming after you for?
Old 06-04-2011, 08:50 AM Forever Domon is offline  
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Sup
 
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sounds like they repo'd the 2006 truck to pay for the 2001 loan cuss the mom is on both

but like if the OP was the buyer for the 2006 truck, could they repo it without coming to him first and demanding money?

someone needs to read their contract
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Old 06-04-2011, 08:53 AM Sup is offline  
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Forever Domon
 
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ahhh, i think i misunderstood "his vehicle". I thought they came after his personal car, not the one he bought for his friend.

Yeah, it makes sense now and that does suck.
Old 06-04-2011, 09:03 AM Forever Domon is offline  
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Sup
 
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contracts is not my area of the law, got a C in it

and i know nothing about repo clauses

he should def read his purchase agreement and see if he has any recourse from the banks actions
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Old 06-04-2011, 09:08 AM Sup is offline  
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IceBeNot
 
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Here's a bit of info I found on a old paper the bank sent me.

"Cross collaterization means that the collateral (auto, recreational vehicle, and/or mobile home) secured by a loan you may have with **** will also act as security for any other loan you, or your co-borrower may have with us."
Old 06-04-2011, 09:08 AM IceBeNot is offline  
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Sup
 
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Quote:
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Here's a bit of info I found on a old paper the bank sent me.

"Cross collaterization means that the collateral (auto, recreational vehicle, and/or mobile home) secured by a loan you may have with **** will also act as security for any other loan you, or your co-borrower may have with us."

well there ya go, they used the 2006 truck as collateral for the 2001 truck loan default and since the mom was a co-borrower, thats how they got you

but you should check to make sure this clause was something you agreed too, meaning it was in the contract u signed or some kind of loan modification u signed/agreed too
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Old 06-04-2011, 09:10 AM Sup is offline  
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Sup
 
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also did you try and work out an agreement with the bank before they garnished your wages?

i honestly know nothing about garnishment or how it works, if u can explain what happened their, if only for my edification, i'd be thankful
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Old 06-04-2011, 09:12 AM Sup is offline  
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IceBeNot
 
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The messed up part is a friend of all these years, refuses to even give me the bankruptcy money. I just can't believe this. All of his family just cut ties from me.
Old 06-04-2011, 09:12 AM IceBeNot is offline  
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Sup
 
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The messed up part is a friend of all these years, refuses to even give me the bankruptcy money. I just can't believe this. All of his family just cut ties from me.

unfortunately what this means is that he wasn't a very good friend to begin with
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Old 06-04-2011, 09:13 AM Sup is offline  
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IceBeNot
 
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unfortunately what this means is that he wasn't a very good friend to begin with

I guess so which is really sad. I might try to see a lawyer to see if there is anything that can be done which I don't think there is.
Old 06-04-2011, 09:20 AM IceBeNot is offline  
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teh scud
 
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Yeah it seems like that they can use something as collateral without your approval -- it puts you at additional risk without your knowledge.
Old 06-04-2011, 09:24 AM teh scud is offline  
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Sup
 
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Yeah it seems like that they can use something as collateral without your approval -- it puts you at additional risk without your knowledge.

well, if the clause was in the purchase agreement, than he did approve it
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Old 06-04-2011, 09:31 AM Sup is offline  
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IceBeNot
 
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well, if the clause was in the purchase agreement, than he did approve it

I'm trying to find all the paperwork I signed. I was so used to co-signer loans that I didn't pay attention to co-buyer... Lesson learned.
Old 06-04-2011, 09:44 AM IceBeNot is offline  
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