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Cosigned for 18yo daughter, who's not paying

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  • 01-28-2007, 10:07 PM
    lavalamp
    Cosigned for 18yo daughter, who's not paying
    OK, I know I need to find out how the title is written, but...

    I'm in California, my daughter is 18. I co-signed for the auto loan, and have had to make payments for her for three months now.

    How do I tell if I am the primary owner - would I be listed first on the title?

    I think another thread talked about a way to work with the bank to have them reposses, then I could refi as just myself thru them. Is this only good if we are on the title as "OR", or is being the primary owner sufficient?

    Thanks
  • 01-28-2007, 10:40 PM
    jk
    Re: Cosigned for 18yo daughter, who's not paying
    you usually have an "and" or an "or" situation. There is no primary or secondary owner.

    Typically a co-signer is not even on the title at all.

    What usually happens is you are merely a co-signer to the loan but are not an owner in any way. In that case, you could not tkae title to the car, at all, unless you bought it from the legal owner. (your daughter) or after a repo, the bank but they would auction it and send your saughter and you a bill for the deficiency.

    If you ae not on the title, all you can do is either pay the loan and then sue your daughter for the payments or let the car get repo's and deal with an auction siutation.

    If you are on the title as an "and", you are as much as a rightful owner as your daughter and you could technically go get the car although you could still not sell it without your daughters signature or the courts approval.

    If it is an "or" situation, you can still take the car and you can sell it (of course as long as the lein is satisfied)
  • 01-29-2007, 04:58 PM
    lwpat
    Re: Cosigned for 18yo daughter, who's not paying
    Your best option is to have your daughter sign over the car to you and then sell the car and pay off the loan. Or you can just keep paying, seems like that is all I ever do.
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