I Cosigned for My Grandson Who is Now Behind on Payments


Dear Steve,

I co-signed for a car loan for my Grandson, and now he is nowhere to be found and is behind on the payments.

I do not have the money to pay the payments, so what can the credit company do? Can they put a lien on my home or take my wages?



Dear Carolyn,

I wish I had a consigning time machine to take us back to the second before you signed the agreement to be the cosigner. I would have stopped you.

You might love your Grandson dearly, but he is a turd for doing this to you.

As the cosigner, you agreed to be 100 percent responsible for the debt. So that’s the role of the cosigner. So you get all the risk and none of the benefit.

Unless there is some quirk in the laws of the state where you live, the creditor can go after you in an attempt to collect the money due.

This could include attempting collections, suing you, and then going for a judgment on lien.

You should probably contact the non-profit law firm HELPS that can guide you on your options if your assets are low or your income is Social Security or other protected benefits.

I hope your Grandson has a legitimate excuse for walking away from this debt. Otherwise, he is essentially giving you the finger and leaving this mess in your lap.


You are not alone. I’m here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don’t give up.

Damon Day - Pro Debt Coach