What is my liability if I co-signed for a car loan?

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What is my liability if I co-signed for a car loan?

I was in a long term relationship with an illegal immigrant. He decided to buy a car but did not have great credit. I co-signed on the loan for the car and am also on the title to the car. He is the user and therefore has made 95% of the payments. We split up about a year ago. Since then he has been delinquent on paying off the loan which has negatively effected my credit. After a lot of strife, I finally got him to make automatic payments. Recently his license expired and he was unable to renew due to immigration. He got pulled over and charged with driving without a license, possession of marijuana and reckless driving charge. He is awaiting court when he may or may not be deported. I’m wondering what will happen to the car title and the loan when he is deported. If he leaves the country and stops paying the loan, can I take possession of the car since I will be responsible for finishing the loan payments?

Asked on February 9, 2017 under Business Law, Virginia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes, if you are on the title, you are a co-owner of it and have equal rights to possession. If he is deported, then assuming the car is not seized by the government using the asset forfeiture laws (which it could be, if drugs are found in it), the you would have the right to the car so long as you keep up payments.


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