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  1. #1
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    Jan 2009
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    Florida
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    Unhappy What Are My Rights As an Auto Loan Co-Signer

    My question involves an auto loan or repossession in the State of: Florida

    2yrs ago I wanted a truck and Fiancee and i agreed to purchase one in which I made the down payment. He is primary on loan and I am the co-signer. He has made most payments ove the 2 yrs. We broke up and I found out he is over two months past due on the truck loan and 3 payments past due on his car loan (his name only), there is no insurance on either vehicle, (it was cancelled), and he has other outstandeing debt. I have driven the truck for the entire 2 yrs until he took it last month. What are my rights if they Repo the truck? If i take over possession and payments from the Finance company can he take it away from me? Can I have him removed from registration so I can insure in my own name? Any information is greatly appreciated.

  2. #2

    Default Re: What Are My Rights As a Co-Signer Auto Loan

    It depends on how the truck is titled. If it is in his name you have no rights. If it is in both names, whcih I assume by you mentioning the registration, you will probably have to take him to court in order to get it straightened out or pay him some money to sign it over to you.

  3. #3

    Default Re: What Are My Rights As a Co-Signer Auto Loan

    You said you are co-signer on the vehicle, and not the primary owner. Does that mean you are not on the title as a co-owner? You can be a co-signer on a car loan and not be the owner of the vehicle.

    If you are a co-signer then you are responsible for the payments if he defaults or stops making payments. The problem is that if he is the primary owner on the title of the truck, you have no legal right to take it from him, or you could be charged with grand theft auto. Basically you made yourself legally responsible for payments on a vehicle that you don't own, if he doesn't make them.

    I am sure he wouldn't want a repossession on his credit record, so what you might want to try, is talk to him and tell him that you will make up the back payments and continue to make the payments, if he will sign the truck over to you, and perhaps the finance company can make up a new contract with you as sole owner.

    Being a co-signer is generally not a good idea, because what you have done is make yourself responsible for payments on a vehicle you don't own, should the owner default.

    If they repo the truck you are equally responsible for the deficiency should there be one. The deficiency is the difference between what you financed the truck for and what it will sell for at auction.

    I am not a lawyer so my post above is information that I have found out through much research and lots of reading. You should check out what the state of Florida has to say about co-signers on automobiles, or consult with a lawyer if need be.

    Good Luck!





    Quote Quoting SorryMsJackson
    View Post
    My question involves an auto loan or repossession in the State of: Florida

    2yrs ago I wanted a truck and Fiancee and i agreed to purchase one in which I made the down payment. He is primary on loan and I am the co-signer. He has made most payments ove the 2 yrs. We broke up and I found out he is over two months past due on the truck loan and 3 payments past due on his car loan (his name only), there is no insurance on either vehicle, (it was cancelled), and he has other outstandeing debt. I have driven the truck for the entire 2 yrs until he took it last month. What are my rights if they Repo the truck? If i take over possession and payments from the Finance company can he take it away from me? Can I have him removed from registration so I can insure in my own name? Any information is greatly appreciated.

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