What to do if my sister co-signed for my vehicle but I’ve fallen behind on a few payments and she now wants to take possession of it ?

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What to do if my sister co-signed for my vehicle but I’ve fallen behind on a few payments and she now wants to take possession of it ?

She is upset about the late payments since both of our names are on the paperwork. While I’m behind I have not topped paying the loan. Can she just come over and take it even though I am also the owner? If that were the case, wouldn’t it be just as easy for me to just take it back? I also wouldn’t put it passed her to report it stolen? How could it be “stolen” if it’s also mine?

Asked on August 20, 2013 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

No, your sister may not simply take the vehicle. Being a co-signor on a loan or other financing does not give someone an ownership interest in a vehicle or the right to repossess it. If she tries, you could contact the police and report this as a theft, and/or sue her for damages or for the return of the car.

Note that if your failure to make all payments when due causes any injury or damage to your sister--for  example, it damages her credit; she is sued by the dealer or lender for any unpaid balance; etc.--she would have the right to sue you to seek compensation.


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