If I co-signed for a car title loan and the other signer hasn’t paid and doesn’t know where the car is, what happens in a case like this?

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If I co-signed for a car title loan and the other signer hasn’t paid and doesn’t know where the car is, what happens in a case like this?

I’m in IA; the title loan place is in IL.

Asked on January 3, 2011 under Bankruptcy Law, Iowa

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

What do you mean when you say "doesn't know where the car is"?  Was it stolen?  Did the other person report it stolen?  If you co-signed the loan and the co-signator has defaulted then the holder of the loan will be coming after both of you for repossession of the vehicle and the back money owed or if there is no vehicle then for the book value of the car.  If the vehicle was stolen then you have to make sure that it is reported stolen.  And if it is insured then it is probably covered but you need to double check.  Also double check if the holder of the loan has an umbrella policy for the vehicle which covers it if it is stolen.  Good luck to you.


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