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Co-signing

What are the rights of a co-signer if the person who has the vehicle has decided not to make payments?

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2004-04-22 05:15:32
2004-04-22 05:15:32

None really. Even if you are on the title to the car as well as being a cosigner, you can't do anything without the other person. All you can do to protect yourself if make the payments. Find out what car dealers don't want you to know at www.dealertricks.com

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Well if the original person that you co-signed with defaults on the payments and you are stuck with the payments, technically it is your vehicle and you can take the person to court and take control of the vehicle.

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A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.

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Pay the loan off and then collect payments from the person you cosigned for.


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