What are my rights as a co-owner of a vehicle verses the rights of a owner to the same vehcile?

Question

I co-signed a vehicle with a boyfriend for a 5 year loan.them broke up, loan got stretched to 7 years. I've made 2 payments on the vehicle. Its now on The last 3months of loan. I get a phone call saying he hasn't payed in the last 6 mths. money due. @ days to come up with it. I pay it and Now balance is due and he hasn't payed anything. If I don't pay it a repossession goes on my credit and I will not be able the refinace my house. most be done in the next 4 mths. I've called , sent letters and not responce from owner. If I pay ,the title will be sent to him and I never see my money. He's now out of state.What should I do about collecting my money or repossing the vehicle myself and selling it? I just want this over with without geting screwed. Help

Answer 1

No, you cannot repo the vehicle; as a co-signer, you were only guaranting payment should he not pay..you are not a co-owner.

You could let the finance company repo the vehicle to sell at auction and then be liable for any shortfall, but you are correct, it will show on your credit report (but at least he won't have the car). You could also sue your ex for the shortfall as he has possession of the vehicle.

You could pay the balance and sue you ex for the payments that you made after you made them.

Answer 2

NOt a lot you can do as far as the payments. You will have to pay them or ruin your credit. Find out where he is at, have a peson that re-po's vehicle's get the vehicle back for you. you have the right to take the car away from the person, if you co signed for it. Failure to honor contract.