Can a co-signer on a loan and title sue me if I sell the car without their consent?
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Can a co-signer on a loan and title sue me if I sell the car without their consent?
I am the primary owner on a car loan and on the title. The title reads and/or. I gave the co-owner 6 months to refinance in his name and he chose to block my phone and avoid me. Now I am wanting to get myself off of the title and loan. I am thinking about selling it. going and picking it up and selling it. Is there anything he could legally to get it back or sue me?
Asked on August 3, 2012 under Bankruptcy Law, Arkansas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Please check with an attorney in your state to clarify the law there. But it is my understanding that if the title reads "and/or" then you can re-title it in your name and sell it. Will the other owner sue you? Yes. Could he win? Maybe. If he has been paying the loan and living up to his end of the bargain the courts are not going to be too sympathetic to you. Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Please check with an attorney in your state to clarify the law there. But it is my understanding that if the title reads "and/or" then you can re-title it in your name and sell it. Will the other owner sue you? Yes. Could he win? Maybe. If he has been paying the loan and living up to his end of the bargain the courts are not going to be too sympathetic to you. Good luck.
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