Do I have legal rights to takea car if I co-signed on a car loan for my son but he failed to pay the last7 months so I had to pay off the loan?

Get Legal Help Today

 Secured with SHA-256 Encryption

Do I have legal rights to takea car if I co-signed on a car loan for my son but he failed to pay the last7 months so I had to pay off the loan?

It is titled in both our names. Can I make him sign his share of the title over to me?

Asked on February 18, 2012 under Bankruptcy Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you co-signed for a car loan for your son where he was to make the payments and be the owner but due to circumstances he was unable to do as agreed resulting in you paying off the loan, you have the following options:

1. have your son repay you with interest the amount you paid on the car for his behalf;

2. have your son sign over legal title to the car to you where you now own it in full;

3. sell the car to get the money you advanced paid to you.


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