My question involves collection proceedings in the State of: Ohio
A party co-signs a car loan with the agreement that the primary will be responsible for paying the loan. The primary made all payments for 2 years and then stopped. Car is repossessed, but co-signor settled with the lien holder.
There is no written contract between the primary and the co-signor, but the parties performed as if the agreement was for the primary to be responsible.
Can the co-signor recover from the primary borrower for the amount he had to pay to the lien holder?
A party co-signs a car loan with the agreement that the primary will be responsible for paying the loan. The primary made all payments for 2 years and then stopped. Car is repossessed, but co-signor settled with the lien holder.
There is no written contract between the primary and the co-signor, but the parties performed as if the agreement was for the primary to be responsible.
Can the co-signor recover from the primary borrower for the amount he had to pay to the lien holder?
Cosigners: Co-Signer Recovery Rights After Paying Off a Loan
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