$25,000 negative equity after a car repo that I was a cosigner on. What the heck do I do?

If you have the cash, I would write him a Promissory Note(lend the cash to settle the debt), pay the debt as you are the co-borrower and share the responsibility of paying pack. This was he agrees to pay you back the $25,000 over time as described in the Promissory Note and your credit doesn’t continue to rank and make your financial life harder. There may be a way to settle it for less with the debt collector, but they usually want a lump sum. The reason I mentioned the Promissory Note, is that it’s a binding contract between you and him, which you can use in court in the event he doesn’t want to continue payment to you(just like the car loan is now in both of you). To co-sign is really to co-borrow and you share equal responsibility and liability for the loan.

/r/legaladvice Thread