2006-08-31 13:12:35 · 9 answers · asked by irishmuffins2001 1 in Politics & Government ➔ Law & Ethics
If you have to make the payment, you do not get the car, without court intervention. However, the court will not award you the car; you signed a contract that you will cover the cost if the primary car owner loan upon default. Co-signing is a bad way to go.
2006-09-08 04:54:54 · answer #1 · answered by Calvin of China, PhD 6 · 0⤊ 0⤋
Take your car title and unpaid car loan payment history to the local police when you notify them that you are reposessing the vehicle. This will prevent them from filing a "stolen car report" when the call about vehicle dissappearance comes in.
Next, hire a towing service to retrieve the car. Or, if you are the adventureous type, sneak over to the residence of the delinquent note payer, use your spare vehicle key, unlock the vehicle, crank the engine and drive away.
Once in posession of the vehicle, you must file written papers with the Department of Motor Vehicles indicating that the vehicle has been reposessed by you for non payment. Request a new title that has the previous partner in this co-signature deal deleted.
It will be up to you to clear all payments that are owed to the car loan lender. Once all those payments are satisfied, the vehicle is yours free and clear.
2006-09-08 20:24:23 · answer #2 · answered by zahbudar 6 · 0⤊ 0⤋
Who said you get the car?
You signed a contract with the lending company to cosign the loan. So you are liable for the loan. Did you sign a contract with the owner of the car that if he didn't pay the loan, and your cosign came into effect and you were liable for the loan payment, that you would get the car? I didn't think so. You probably have no legal recourse to getting the car.
2006-08-31 20:17:34 · answer #3 · answered by Charles D 5 · 0⤊ 0⤋
You don't get the car, the person who bought the car keeps the car unless they just want to give it to you.
You have CO SIGNED this means that if the main borrower does not pay for the car, you will pay for it, ( for them)
This is the risk of being a co-signer, and you should only do it for people you know well and can trust.
sorry but you pay for the car and they get to keep the car.
2006-08-31 21:06:34 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It depends on how the contract is drawn up. If you co-sign and the name on front of the registered title is the person you co-sign for than it is theirs to keep if you pay it off. ...if the names on the title are both your and theirs and then the dispute would be very simple to solve since you paid .
2006-09-05 14:39:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Go take it from the person you co-signed for and remember what happened in the future.
2006-09-06 13:38:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you can take the car. The question is about the registration, and if you notice, it is most likely in your name because the other person does not "hold the note" from the bank, you do.
Go get your car.
2006-09-06 12:51:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You dont know who you co signed for?
2006-08-31 20:18:00 · answer #8 · answered by Evil Homer 4 · 0⤊ 0⤋
Contact a attorney immediately.
2006-08-31 20:14:56 · answer #9 · answered by Trollhair 6 · 0⤊ 0⤋