In 2003 I cosigned car loan for son. He is not making payments for past 5 months and I can't afford to continue paying the monthly bill.
What rights do I have as coowner of vehicle to repo it for sale to payoff the loan?
2006-12-20 05:33:21 · 3 answers · asked by himway 1 in Business & Finance ➔ Renting & Real Estate
That depends on whether your name is on the title or not.
2006-12-20 05:36:12 · answer #1 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
i worked for a bank for years with loans. In the case that one party is not paying both are responisble. In regards to selling the car anyone can payoff a loan. If both are on the title you would have to have the signature of both parties to have the card transferred into another name.
2006-12-20 13:42:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
honey you made the some mistake i made in the same year.with my grandson. the best thing you cando is sell it and pay off the difference. he wont ever pay and you will end up taking it to the bank and they will auction it off get nothing for it and then done u for it/ you cant pay and you call truck recoery and pay what you can each mont. if you cant you acnt. sorry for u and sorry for me.
good luck and dont ever do that again!!!!!!!!!!!
2006-12-20 13:43:33 · answer #3 · answered by Sweetie 2 · 0⤊ 0⤋