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  1. #1
    Join Date
    Jul 2006
    Posts
    3

    Default Co-Signer Has Title and Paperwork For My Paid-Off Car

    I bought a 2001 Ford Escort in 2003 from a dealership in Sparta, Tn. My credit was kind of on the bad side at the time so the owner of the dealership co signed the loan which was through a bank in Sparta. I've made all the payments yes there was times when they were late but they were paid. Anyway the final payment was due on April 21 this year and that was paid. The bank told me that there was some late charges and those would need to be paid. She told me that I could make a regular payment in May and finish up paying in June. Apparently this man who was my cosigner went to the bank before the payment was due and paid that. The bank then gave him my title and all of the paperwork reguarding the car. They told me I would have to go to the dealership and see him. I went there but he doesn't work there anymore. They also told me that since the dealership changed hands they no longer had any of the paperwork reguarding the loan or anything. I asked how I could get in touch with him. They told me that they could get in touch with him for me and he would call me. So I went on home and he called and told me that he was going to get a warrant on me because I had his car and it is worth 3000 dollars. Personally I don't think this is legal. Him paying off my loan and the bank giving him my title? I'm the one who has made all the payments and carried the full coverage insurance that I was supposed to have for the length of the loan. Can he do this? And if not what am I supposed to do about it?

  2. #2
    Join Date
    Jan 2006
    Posts
    25,739

    Default Re: co-signer has title and paperwork to my car that is paid off

    Whose name is the title in and if it is more than just one name, how is it titled? e.g. John Doe and Bob Whatsisname or; John Doe or Bob Whatsisname.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,620

    Default Re: co-signer has title and paperwork to my car that is paid off

    He make any demand that you pay him a certain amount of money to keep the car? You paid all of the money except the late charges at the end? How much did the co-signer actually pay?

  4. #4
    Join Date
    Jul 2006
    Posts
    3

    Default Re: Co-signer has title and paperwork to my car that is paid off

    he paid the late charges without my knowledge because I was doing what the bank told me I could do to pay the late fee. But, he went to the bank and paid that money and the bank gave him the title and all of the paperwork concerning the car. Then after I went to the dealership looking for him, the dealership said that he didn't work there anymore. They also told me that that loan had been recoursed. Which I don't understand. Because when I bought the car it was my understanding that it was financed through the bank and that they were the leinholder. And that is what my paperwork for the car says. And now he has gotten a warrant saying that I have a car that belongs to him. The amount he paid was 600 dollars and in the warrant he is saying that it is valued at 3000

  5. #5
    Join Date
    Jul 2006
    Posts
    3

    Default Re: co-signer has title and paperwork to my car that is paid off

    I bought the car from a dealership that he owned but no longer does. When I went back to that dealership and they told me that he no longer worked there and the dealership had changed hands. They also told me they didn't have any of the paper work on any of the sales prior to the change.

  6. #6
    Join Date
    Jan 2006
    Posts
    25,739

    Default Re: Co-signer has title and paperwork to my car that is paid off

    recourse / Regress / recours / regresso
    Right of a person to whom a cheque, bill of exchange, promissory note or other negotiable instrument has been endorsed to recover payment from the endorser if the original borrower defaults.

    from this website:http://www.ubs.com/1/e/about/bterms/content_r.html


    or from this site:http://www.americanbanker.com/glossary.html?alpha=R

    recourse
    The right to seek repayment of debt. Usually used to describe the right to seek repayment from an originator or prior endorser who sold or assigned debt to another party.

    I think I would go talk to the bank to see what they did EXACTLY and by what right they could do this. If the loan was in your name as primary, then they should do some explaining to you on this situation. Also, your contract with the bank may have the titleholder of the vehicle listed.

    While the bank held a lein on the car for the debt and the dealer was cosigner of the loan, the bank had a right to seek payment from the co-signor as well as you. I do not know what contracts you signed that may or may not have allowed the co-signer to take title of the car if you defaulted on the loan (which in effect you did do. ) I would read over any contract you had with this dealer. Also as earlier suggested, I would also talk with the bank again.
    You have given too little info to be of much help. Additional info may help if you have any. If not, then you need to get more info.

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