[doctored2]

After a great deal of pressure from my wife and her son, I cosigned for an automobile loan for my stepson (no and/or bad credit). When I did this most stupid act, I emphasized to my stepson the necessity of paying for his car loan and insurance. In order to protect my credit rating, I make the payments and my stepson would pay me what he owes...in a perfect world. Well of course, the little "angel" has only made the equivalent of 2 car payments out of 10. He is now unemployed and living at home which makes things uncomfortable. I reside in NM. The title paperwork shows "me" or "stepson" as the registered owners. The bank thinks all is OK because I make the payments on time. Now I believe he is driving without insurance. Do I have any rights to:

1. Take possession of the car and remove his name from the title?
2. Sell the car out from underneath him?
3. Get Compass Bank to re-fi the loan in his name only? (reference that the bank thinks all is cool.)

Does anyone have any other options to keep me from being swallowed up in a huge legal battle?

Thanks,
Doc

[LawResearcherMissy]

Do I have any rights to:

1. Take possession of the car and remove his name from the title?
2. Sell the car out from underneath him?
3. Get Compass Bank to re-fi the loan in his name only? (reference that the bank thinks all is cool.)

No, no and you can't do that, HE has to.

Haul him in by his ear to fill out the paperwork, if need be. Just keep in mind, he may be denied credit still, and you'll be stuck for the duration.

[doctored2]

Thanks for the info...not exacly what I was hoping for.

[jk]

Time out!!!

Did you say "me OR the son"

If so, you're home free.

If it says "me AND the son" or "me" "son", you are extremely limited to what you can do but you had better do something. Since your name is on the title and he may be driving without insurance, YOU are liable to a great extent should he be involved in an accident.

[doctored2]

It says "me" or "stepson"...I thought that made a difference but after the first reply, I was a little disappointed. Thanks, although I think I will consult with an attorney just to be sure.

Thanks

[Betty3]

It seems you are ok but it certainly never hurts to consult with an attorney.