As a co-signer on an auto loan, how can I go about obtaining the vehicle if the other person defaults?
Both of our names are on the title as well.
Asked
Active
Viewed 1,336 times
5
-
3What country and state? – Rocky Oct 15 '15 at 21:14
-
Are you currently on the title, or does the title entirely belong to the other person? – ChrisInEdmonton Oct 15 '15 at 21:24
-
@ChrisInEdmonton i am on the title – Alexis Oct 19 '15 at 01:37
-
@Rocky South Carolina, United States – Alexis Oct 19 '15 at 01:39
1 Answers
12
Unfortunately, co-signing the loan does not give you anything like the right to foreclose if the other person stops paying. To do that you would need a separate contract with the car's other owner, which I am presuming you don't have. Without paperwork, these are separate issues.
You need a lawyer. More accurately, you needed a lawyer before you co-signed the loan; there may not be much you can do now.
keshlam
- 45,770
- 6
- 77
- 152