Q: Co-signer auto loan: borrower missed 14 payments, I'm paying. Legal options?

A: Legal action as far as who? You have no recourse against the lender. You may have a legal recourse against the other borrower if, as a general rule of contract law, you can prove there was an agreement between you two that the other borrower would be responsible for the payments and would hold you harmless. However, it's possible that there is a state statute or state common law that sidelines the general rule I mentioned. Consult a local attorney.

A: Discharge the debt in bankruptcy, pay it in full, try to negotiate a settlement with the creditor to pay something that works for you. That's the only real options. Blake Goodman

A: As a co-signer, you are legally responsible for the loan if the primary borrower defaults. Since you’re already making the payments to prevent further financial damage, you have a couple of options to address the situation. First, you may want to have a direct conversation with the primary borrower and try to work out a repayment arrangement. This could involve them reimbursing you for the payments you’ve made, or coming up with a plan to catch up on missed payments together.

If the borrower is unwilling or unable to pay, you might need to take legal action to recover the money you’ve spent on the loan. One option could be pursuing a civil lawsuit against the borrower for reimbursement. This could involve seeking a court order for them to repay the amount you’ve covered on their behalf.

Another potential avenue is contacting the lender to see if they can offer any assistance, such as restructuring the loan or temporarily deferring payments. However, since you’re still legally bound to the debt, the lender may not make any changes unless the primary borrower also agrees. If the situation escalates, you may want to consult with a lawyer to discuss how best to recover your money and protect your financial interests.