Cana co-signer legally take a vehicle away from another co-signer if they are not making payments?
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Cana co-signer legally take a vehicle away from another co-signer if they are not making payments?
I co-signed for a friend who is now 6 months behind on payments of this vehicle and it’s messing up my credit badly to where I can’t buy a house or get a credit card. I want to take back the vehicle so I know it’s off my credit.
Asked on February 11, 2011 under Bankruptcy Law, Indiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You are stuck in what has been said "between a rock and a hard place." The rights of a co-signer under the law are very minimal. You have all the responsibility without any of the benefit. As a co-signer you have an obligation to pay the loan but you do not have a right to the vehicle. The vehicle is not titled in your name, correct? It is titled in the other parties name and the bank's name as well. Even if you pay the loan - which you can - your remedy would be to sue your friend rather than to take the car. And if he or she is not paying the lien holder then you will be trying to get blood from a stone, as they say. You will not even be offered the car should it be repossessed. Seek legal help in your area. Good luck.
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