Results 1 to 3 of 3
  1. #1
    Join Date
    Apr 2011
    Posts
    2

    Default Can a Cosigner Who is On the Title Repo a Car if the Primary Borrower Doesn't Pay

    I am the title holder and co signer of an auto loan.
    The primary auto loan holder has not made payments on several occasions.
    I get monthly letters on delinquent payments.
    I have recieved a letter from an attorney who this matter was referred to and tried calling the credit union as well as the attorney to rectify the situation of which to no avail.
    It is killing my credit my credit and physically making me ill.
    Can I reposses the car? I will gladly pay off the note but am not sure if i can get the car as it is registered and insured in the other persons name.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    74,195

    Default Re: Can a Cosigner Who is On the Title Repo a Car if the Primary Borrower Doesn't Pay

    If you're on the title as a co-owner of the vehicle, you have equal rights to possess the vehicle on that basis.

    Being a cosigner, of itself, does not give you any right of possession or right to repossess a vehicle.

    You can talk to the co-owner about whether he would transfer the car to you, such that you would have clear title after paying it off or in order to sell it (satisfying the lien out of the proceeds of the sale, possibly making up the difference between the sale price and debt out-of-pocket).

  3. #3
    Join Date
    Apr 2011
    Posts
    2

    Default Re: Can a Cosigner Who is On the Title Repo a Car if the Primary Borrower Doesn't Pay

    I appologize for my ignorance in understanding. I am the only person on the title. I am also the co signer of the car loan. The primary loan holder is delinquent on payments. The car is registered and insured in their name, but I am the only one on the title. Can I repo the car in a desperate effort to save my credit?

    1. Sponsored Links
       

Similar Threads

  1. Debt Collectors: Roommate Was Primary Borrower, Account Now in Collections
    By mathissj in forum Credit Card Debt
    Replies: 2
    Last Post: 09-04-2011, 02:18 AM
  2. Debt Collectors: Recovering from Primary Borrower
    By DR435 in forum Student Loans
    Replies: 1
    Last Post: 02-01-2011, 09:31 PM
  3. Cosigners: Cosigner's Recourse When Borrower Defaults
    By CR1984 in forum Debts and Collections
    Replies: 3
    Last Post: 09-02-2010, 03:59 PM
  4. Cosigners: Co-Signer's Remedy When Primary Borrower Defaults
    By nsrawlings in forum Auto Loans and Repossession
    Replies: 1
    Last Post: 08-15-2010, 08:20 PM
  5. Repossession: Co-signer's responsibility after primary borrower dies
    By jimmy stewart lawson in forum Auto Loans and Repossession
    Replies: 3
    Last Post: 01-17-2007, 08:46 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 
Forum Sponsor
Bankruptcy Lawyer
Recover From Your Debt. Free bankruptcy evaluation by a local attorney.




Untitled Document