Financing problem?

4 yrs. ago while working in singapore,i borrowed from financing agency for my cousin%26#039;s car loan.its about to get paid in 6 repayments.when i went to stay with my wife here in USA,he stopped paying the debt.now the financing bank is running after me since it is under my own name.however, im no longer living in my hometown in the philippines.my cousin who%26#039;s staying at my place received lots of demand letters and even thretening to sue me in court.is this possible?whereas the company and transactions were all issued and signed in singapore?i hesitate to pay them back because i never use a penny out of the loan.now im trying to collect money from my cousin but it seems impossible because he is out of job.and we dont even have any signed agreement (between me and mu cousin).one thing is im already a permanent resident in US.is it true that after 4 yrs the debt will get close?

Financing problem?

They will put it as a write off, then sell it to a collection agency who in return sell it again. They do this to keep it active. They can sue you and it doesn%26#039;t matter where you lived or live right now. You did borrow the money in your name no matter whether you used any of it. Your cousin should be looking for a job to pay you back. Your best bet is talk to a lawyer about the laws there in Singapore. Never loan or co-sign a note for someone it can hurt your credit plus you will have to pay it back.

Financing problem?

Simple solution. Make the 6 payments, reposses the car from your cousin and sell it to pay yourself back. Or reposses the car first and sell it to make the 6 payments.

If the financing company is in the US the debt never gets closed. But depending on what state you live in, they cant sue you for the debt after 4 years. I believe its 4 years after your last payment though, not 4 years from the opening of the account. They can however put marks on your credit report for the rest of your natural life even when they cant sue you.

Remember that if the loan is in your name, the loan people still have the title and will release it only to you when the loan is paid.

If the financing company is not in the US and the car is in the philippines, then disregard this whole thing because i dont know how it works over there.