Do I have legal rights to takea car if I co-signed on a car loan for my son but he failed to pay the last7 months so I had to pay off the loan?
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Do I have legal rights to takea car if I co-signed on a car loan for my son but he failed to pay the last7 months so I had to pay off the loan?
It is titled in both our names. Can I make him sign his share of the title over to me?
Asked on February 18, 2012 under Bankruptcy Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you co-signed for a car loan for your son where he was to make the payments and be the owner but due to circumstances he was unable to do as agreed resulting in you paying off the loan, you have the following options:
1. have your son repay you with interest the amount you paid on the car for his behalf;
2. have your son sign over legal title to the car to you where you now own it in full;
3. sell the car to get the money you advanced paid to you.
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