I co-signed for my (now) ex-boyfriends car about a year and a half ago. I only did it because I was told that it would only be for a year, and then it could be transferred into his name. Well that didn't happen, and I now have creditors calling me because he continues to fall beind with his payments. I am not sure what my rights are, or if I have any as the co-signer. The creditors and bankers are no help, and I seem to have a hard time finding people who can give me good advice.
As a co-signer, can I take the car from him, and sell it on my own, or do I have to get it transferred into my name before I can do anything?
2006-07-29 13:33:58 · 7 answers · asked by Kat 1 in Cars & Transportation ➔ Other - Cars & Transportation
If the car is in both names, then you can ask a court to order the car be sold and the proceeds of the sale be used to pay off the debt, if the car is worth more than you owe. If your name is not on the car, you have no ownership rights to the vehicle.
When you signed the note, you agreed to pay the payments if your boyfriend (now Ex) did not! The bank or finance company is going to expect you to make the payment. Every late payment will adversely effect your credit rating.
If your ex is not paying the payments, you may want to contact the finance company ans see if you can work out a deal where they repossess the vehicle, and you pay any and all losses that they suffer, in exchange for their agreeing to giving you a release and not harming your credit.
2006-07-29 14:35:20 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
You can't, unless and until he pays the vehicle off. The car is not yours to take, it belongs to him as the registered owner and to the finance company as the legal owner. All you are is responsible for the payments he has missed as co-signer on the note. You *might* be able to get a repo title if you are prepared to pay it off, but you would have to discuss that with an attorney since the rules for that vary by state.
2006-07-29 20:46:28 · answer #2 · answered by oklatom 7 · 0⤊ 0⤋
Now there is a question that should have been asked before the papers was signed. Your on the note until its paid off. If he is not capable of getting another load to pay this one off, And I am ques sing he is not or your name wouldn't be on the note as a co-signer, well, your on the loan until its paid off.
Sue him, get a judgment that he can't pay and your still have to pay the loan and the attorney and, you guessed it, you can't get any money from him.
2006-07-30 00:54:44 · answer #3 · answered by Cosmo 6 · 0⤊ 0⤋
The car is legally in both of your names. You could report it stolen and cause him some trouble. Maybe that would be a way to get the car back. But you can't legally sell it unless he agrees too since it's in both your names. You'd better talk to a lawyer. As it stands now, you are responsible for payments if he is not making them.
2006-07-29 20:39:54 · answer #4 · answered by Sabina 5 · 0⤊ 0⤋
You are stuck, you can't even take the title, because you were probably just the co-signer on the loan, NOT having your name on the title.
You need to take a lesson for this, you never co-sign loans for boyfriends, friends or family that isn't your husband.
2006-07-29 20:38:17 · answer #5 · answered by miketorse 5 · 0⤊ 0⤋
The only thing that you can do at this point is sue him...consult a lawyer
2006-07-29 21:04:29 · answer #6 · answered by bobsled 5 · 0⤊ 0⤋
you have the other person refi. the loan and put it in their name.
2006-07-29 21:27:23 · answer #7 · answered by vetteslayer 3 · 0⤊ 0⤋