I co-signed for a car lease for my "friend". I believe he paid for the last 36 month. He returned the car at the end of the lease with damages and he went over the mileage. Honda is asking him for $2000 and he is disputing the charges. He wants to sue them. Honda just called me and they are asking me for the amount. They said it was past due and that my credit is already affected by the issue. If I don't pay within 20 days , it will get worse. Is that true ? I have an excellent credit. I do worry.
You need to be concerned about this and do everything you can to stop it from bleeding through to your credit report. But I think Honda is trying to scare you by claiming it is already has, and you can confirm that by accessing your Government-mandated free credit report at https://www.annualcreditreport.com.
Since you co-signed the loan, you are on the hook if your friend doesn't pay up/solve the lease overages. Start by letting your friend know this is putting you in a really difficult position. Then make Honda aware of the back story, and especially that their may be a pending lawsuit. Ask them to first solve that discrepancy before coming back to you for payment. Finally, recognize that you may actually have to pay up. That's the whole idea of co-signing a loan...your friend didn't have the credit score to afford the car, but with yours as a guarantee, that made the lease possible.