Father and the car repossession.

So my father got me to sign a care lease for a car only he drove and paid for. Unfortunately I didn't realize what he was telling me we were doing was illegal (straw purchase) and what we actually did was I was the Guaranteer on the lease because his credit was too bad to get the loan on its own. I was told that he was doing this to help me get my credit established and now its ruined before I even get my feet off the ground. Im throughly confused and Im in the process of being pursued for a deficiency judgment. Im facing leagal action and wage garnishes for a $10,000 difference in price of the car and what it sold for. My father is being most unco-operative to the point where Im seeking a laywer. I may very well have to file a civil suit too.

Where do I begin? Also there are some other sketchy details about my father trying to open other lines of credit in my name and my credit report looks like hell right now.

Any advice from those who've been there? I feel so stupid to have believed he had my best interests at heart. Now I look like a dummy trying to explain.

Help?

T Lynn

First and foremost, I'd suggest a firm discussion with your father regarding the particulars of identity theft. There are both federal and (depending on your jurisdiction,) state laws that prohibit anyone from using another's personal identity/information to obtain credit. The FTC has a very good site: Deter. Detect. Defend. Avoid ID Theft can give you more information and resources, should he contemplate establishing credit in your name. There's also complaint information that you can pursue if for whatever reason, he persists.

I'd then strongly suggest you contact the 3 major credit repositories and have a consumer fraud statement added to your report. Request that anyone contemplating the extension of credit contact you directly before acting on your information. They are required by law to do so; any credit extended without taking the proper measures can be legally contested at a later date, in my opinion. If any information on your report is not yours, i.e. you did NOT sign an agreement or intent in writing (or enter into the same verbally,) should be disputed (vigorously, if needed be) and resolved with the original creditors.

In regards to the note you signed above, you are legally obligated, regardless of your understanding at the time. It was a legally binding contract and that creditor is well within their rights to pursue in their attempt to collect. *My opinion here.* You may want to contact them directly and work out a settlement (many will settle for less) and if needs be, work out a payment arrangement. You'll need to keep up with that arrangement or you will be served with a garnishment/judgement (again, depending on your jurisdiction.)

That trip to an attorney might not be a bad idea, in my opinion. He/she can better advise based on your jurisdiction; if your father fails to pay, I believe you may have at least partial recourse in small claims court as well. You might also discuss the possibility of attaching a garnishment to your father's wages/income, should you either not be awarded the entire amount due in small claims, or the two of you fail to work this out. Just a few suggestions/opinions here, not to be construed as legal advice.

It's a given you sign nothing in the future without carefully reading & understanding all the terms, right?

Hope this helps. Good luck.