Settlement after repo?

[cobalt263]

I was co-signer on a boat that was repo'd. THe bank said other signer settled for their entire amount (15K). I don't believe them. Am I entitled to know - legally - what the other signer paid? I want to offer 20%. Can I send a check with a memo indicating 1st payment (say $200) on 3,000 settlement?
If they cash it, can I take it to court and show the judge that they accepted a 2,500 settlement by cashing the check with such a memo? If they refure my settlement offer do I just play wiat-em-out and keep offering them about the same as the different notices come in? ANy other tips? Thanks!!

[dscurlock]

I was co-signer on a boat that was repo'd. THe bank said other signer settled for their entire amount (15K). I don't believe them. Am I entitled to know - legally - what the other signer paid? I want to offer 20%. Can I send a check with a memo indicating 1st payment (say $200) on 3,000 settlement?
If they cash it, can I take it to court and show the judge that they accepted a 2,500 settlement by cashing the check with such a memo? If they refure my settlement offer do I just play wiat-em-out and keep offering them about the same as the different notices come in? ANy other tips? Thanks!!

I would never make any payments unless you have it in writing from them..
and to answer your question, NO! your check is not an agreement or a
contract, they will cash that baby...and it will be gone...do you actualy
think compaines read memo's written on checks? It is not a settlement
unless you have it in writing from the finance company...they can also
scratch that memo out, and claim they never saw it...that is just
not a legal contract, and you know good and well they are going to
depoist the check...If you can get away with this, then I will just write
a $500 check to my car company and state "this car is paid in full if you cash this check...."
this is almost laughable on what you are thinking of doing...

[HHM]

These so called restricted endorsements are 100% invalid these days.

[cobalt263]

Check as legal agreement

I would never make any payments unless you have it in writing from them..
and to answer your question, NO! your check is not an agreement or a
contract, they will cash that baby...and it will be gone...do you actualy
think compaines read memo's written on checks? It is not a settlement
unless you have it in writing from the finance company...they can also
scratch that memo out, and claim they never saw it...that is just
not a legal contract, and you know good and well they are going to
depoist the check...If you can get away with this, then I will just write
a $500 check to my car company and state "this car is paid in full if you cash this check...."
this is almost laughable on what you are thinking of doing...

--------------

I do appreciate your input. If you have a suggestion as to how to proceed..most welcome. I got pressured into co=signing and when the owner wanted out - they did not contact me. Any help as to how to do this without high priced lawyers? I''ll pay - but an industry standard acceptable amount is what I'm looking to pay. Thank you.

[dscurlock]

"I was co-signer on a boat that was repo'd. THe bank said other signer settled for their entire amount (15K). I don't believe them. Am I entitled to know - legally"

You are the co-signer, so why would you not believe the bank if they
said it was paid in full? since you are a co-signer, then ask the bank
for proof of payoff...if it has been paid off, then there is nothing
for you to persue...if the signer settled, done deal, you are
off the hook...

[frogger]

Settlement after repo? That means to pay in full, not with payment arrangements.

[tigergem]

These so called restricted endorsements are 100% invalid these days.

If that is the case, then what about the 10 page legal document they cram into micro print on the back of money orders...? Could one also claim those terms and conditions are invalid? Is what is good for the goose not good for the gander? Not trying to argue with you, just saying...companies do it. Why not folks?

[frogger]

These so called restricted endorsements are 100% invalid these days.

HHM is correct.