As a primaryborrower with a co-signer on a car loan, if the co-signerisin possession of the car what are my legal rights when he stops making monthly payments?
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As a primaryborrower with a co-signer on a car loan, if the co-signerisin possession of the car what are my legal rights when he stops making monthly payments?
I have since let someone else take over payments on the car and she has gotten her own insurance but her name isn’t on the loan. The kid I got the car for wants his tag back and keeps saying that he can go take the tag and/or car. The tag is registered in my name to that car. I have made the last 2 payments plus the late fees I was charged due to him not paying.
Asked on February 22, 2012 under Bankruptcy Law, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the car registration is on your name even though someone else is making the payments on it, you technically own the vehicle under the laws of all states in this country. Should the co-signer under the loan stops making payments for it, you legally as the vehicle's registered owner can take back possession of it.
If the co-signer is not making payments on the vehicle, I would consider taking back possession of it.
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