Foolish co-signers in trouble

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lisaM

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My jurisdiction is: New York

3 years 2 months ago I asked my husband to co-sign a car lease for a friend of mine having trouble getting a loan. reluctantly he did and we are now getting calls from GMAC for late fee's on past due payments. I believe they are behind 2 months as well. We are not quite sure what the situation is cause right after that signing we stopped speaking. My question is What exactly is our liability to this? They are finally looking to repo the car when they do are we responsible for the rest of the payments and what about the interest?:o
 
If they don't pay for the outstanding balance, you will.
 
He is responsible he signed. That is why you should NEVER co-sign. If he is on the title, he can probably go claim the car. If not then he is pretty much stuck and they will go after him for the balance if the other party cannot pay.
 
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