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Cosigning! (Parents cosigned for a 4-wheeler for my cousin)

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  • Cosigning! (Parents cosigned for a 4-wheeler for my cousin)

    Maine- My parents cosigned for a 4-wheeler for my cousin. The company then gave him a credit card without my parents knowing. They now have collection agencies contacting them at all hours of the day because he maxed it out and doesn't pay for anything! Nobody can get a hold of him because he doesn't answer his phone and if he gets a bill in the mail-he just doesn't open it! My parents don't feel responsible for his credit card debt because they only signed for a 4-wheeler. My cousin also uses my parents address as his and their phone number as his, he then uses his phone number and address as my parents. He knows he did this and continues to do so. Isn't this considered Fraud? My parents need help and fast!

  • #2
    Re: Cosigning! (Parents cosigned for a 4-wheeler for my cousin)

    I wish to inform you that your parents cannot be made liable for the credit card debt of your cousin. Further, as your parents have just cosigned for 4 wheeler then their liability is limited only to four wheeler amount. However, credit card debt is totally different from debt incurred for four wheeler. In case your parents signatures has been forged or either identity of your parents has been falsely used then a case of fraud can be made. In case your cousin is not traceable then notice can be served by giving a newspaper advertisement.

    AFF

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    • #3
      Re: Cosigning! (Parents cosigned for a 4-wheeler for my cousin)

      Did the finance the 4 wheeler loan through the dealership or a bank? It is unclear how the parents aren't aware of the credit card application, unless their signatures have been forged.

      If the parents have no knowledge of co-signing on any credit cards, they have a case for forgery and theft.

      They need to obtain a copy of the credit card application. They also need an attorney.

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