Cana co-signer legally take a vehicle away from another co-signer if they are not making payments?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 10 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption