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SusieQ

Fraud

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I am the cosigner on a loan for a truck.

I just found out that the girl I cosigned for has illegally sold the truck to someone who is no longer making payments to her. She does not know where the truck is so I am unable to reposes it and sell it at a loss.

Do I have any recourse? If so, what are they, or where can I find the answer(s)?

I have not yet called the lender, nor have I called the police to make a report. I have put in a call to an attorney who has not yet returned my call. At this point, I do not know what I am supposed to do.

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First, you should hope that the person you co-signed for has assets. If you need to pay off the loan, you'll want to pursue her for the payments you make. You mention that the truck was sold illegally. It's not clear why you believe the sale was illegal, but if it was a fraudulent sale (e.g. under market price, sham sale, forged title, etc.) then your cases against the seller and purchaser just became stronger. If you were on the title, file a complaint with the police. The truck will show up. If you weren't on the title, don't co-sign a loan without protection again (e.g. some evidence of ownership, a security interest, etc.). Keep an eye on your co-debtor. Your recourse is against her. Also, don't fail to pay the creditor and ruin your credit. Pay the loan, if you can, and pursue recourse for your payments. Good luck.

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"I just found out that the girl I cosigned for has illegally sold the truck to someone"

Why do you believe it was illegal for her to have sold the truck?

"She does not know where the truck is so I am unable to reposes it and sell it at a loss."

Unless you had a properly perfected security agreement/lien, you wouldn't be able to repo it anyway. The right of repossession doesn't come automatically with co-signing a loan.

"Do I have any recourse?"

I assume the person for whom you co-signed isn't making the payments. Correct? Assuming the lender ultimately comes after you for the payments, you will have a claim against the girl for whom you co-signed for indemnity. I don't see that you have any claim against the person to whom she sold the truck. Note that the lender probably DOES have a properly perfected security interest/lien, so it probably CAN find and repo the truck.

"nor have I called the police to make a report."

What would you report to the police. Nothing in your post suggests that any crime occurred.

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