Results 1 to 5 of 5
  1. #1
    Join Date
    Aug 2016
    Posts
    2

    Default Can a Cosigner Sell a Car

    My question involves a consumer law issue in the State of: Virginia

    I cosigned a car for my brother, later I took possession of the car to pay it off. He gave me a signed piece of paper telling me he didn't want anything to do with the car. My question is it is almost paid off, do I need him to sign to sell it when I get the title for paying it off?

  2. #2
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Can I Sell It, if I'm the Cosigner

    Quote Quoting Hansford23
    View Post
    My question involves a consumer law issue in the State of: Virginia

    I cosigned a car for my brother, later I took possession of the car to pay it off. He gave me a signed piece of paper telling me he didn't want anything to do with the car. My question is it is almost paid off, do I need him to sign to sell it when I get the title for paying it off?
    When you get the title for paying it off?

    Does that mean the lender is physically holding the title on file?

    If so, whose name is on the title as OWNER of the car?

    If your brother is on the title as OWNER, then you have no ownership and cannot sell it unless he signs over the title to you.

    In fact, if his address is on the title, the title and lien release will go to him.

    I suggest you have him arrange for the lender to show that the title and release is to be mailed to you instead of him.

    If there will be a problem between the two of you, you will find out real fast when you ask him to do that.

  3. #3
    Join Date
    Aug 2016
    Posts
    2

    Default Re: Can I Sell It, if I'm the Cosigner

    My brother and I are both on the title, the lender has possession of the title and won't release it to me until the loan is paid off. I took the car because he wasn't paying it and I was not notified about the balance, it went into repossession status, then I took the car he willingly gave to me and i paid it up. He wrote and signed a piece of paper stating he wants nothing more to do with the vehicle. The lender doesn't have his new address and only has my info on file. Since I took the car he has only been dealing with me, he also enclosed information to my husband and mother who are not on the loan or car at all. I have paid up the car an almost paid it off but I'm worried that he will try and take it from me when it is paid off. If I get the title before he does, do I have to have his signature even though I have that paper signed by him to put it in my name or sell it? The address on the title is my old address that he lived with me at that time.

  4. #4
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Can I Sell It, if I'm the Cosigner

    My brother and I are both on the title. If I get the title before he does, do I have to have his signature even though I have that paper signed by him to put it in my name or sell it?
    Which brings up the next question.

    Between your two names on the title does the word "and" appear or does the word "or" appear?

    If "and" you would not be able to sell the car without his signature on the title.

    If "or" you would not need his signature, only your own.

    If neither of those words appear, you'll have to find out from the DMV which one is the default in Virginia.

    I checked the VA title and registration statute and the question is not answered despite joint ownership being addressed to some extent in 46.2-622.

    http://law.lis.virginia.gov/vacode/title46.2/chapter6/

    the lender has possession of the title and won't release it to me until the loan is paid off.
    Standard lender practice.

    I took the car because he wasn't paying it and I was not notified about the balance, it went into repossession status, then I took the car he willingly gave to me and i paid it up. He wrote and signed a piece of paper stating he wants nothing more to do with the vehicle.
    That piece of paper is likely to be meaningless with regard to the title. Find out about the "and" or the "or" thing and you'll know what you have to do next.

    Had you used the VA Power of Attorney form you wouldn't have a problem:

    http://www.dmv.state.va.us/webdoc/pdf/vsa70.pdf

    Maybe you can have him sign the form before the loan is completely paid off.

    The lender doesn't have his new address and only has my info on file.
    Good. Then mail will come to you and you'll at least have possession of the title.

    Since I took the car he has only been dealing with me, he also enclosed information to my husband and mother who are not on the loan or car at all. I have paid up the car an almost paid it off but I'm worried that he will try and take it from me when it is paid off.
    That's always a possibility when you co-own and co-sign anything with anybody and you pay their freight for them.

  5. #5
    Join Date
    Jan 2010
    Location
    New Jersey
    Posts
    3,666

    Default Re: Can I Sell It, if I'm the Cosigner

    Also save all bank statements, checks or money orders that you have paid to date for the vehicle. That will help you in court if it were to come to that.

    1. Sponsored Links
       

Similar Threads

  1. Cosigners: Can a Cosigner Sell the Secured Property to Pay Off the Debt
    By piggybank4looser in forum Debts and Collections
    Replies: 9
    Last Post: 09-11-2015, 12:22 PM
  2. Mortgages: How Can a Cosigner Sell the Mortgaged Real Estate
    By perrysplace in forum Buying, Selling and Conveying Real Estate
    Replies: 2
    Last Post: 05-26-2012, 05:35 PM
  3. Is It Okay for Cosigner to Take Car and Try to Sell
    By BaylorU in forum Cars and Dealerships
    Replies: 8
    Last Post: 12-31-2011, 10:45 AM
  4. Can a Cosigner Just Take Away a Car
    By expat in forum Cars and Dealerships
    Replies: 1
    Last Post: 09-25-2009, 11:20 AM
  5. Can a Cosigner Just Take Away a Car
    By necryn in forum Cars and Dealerships
    Replies: 1
    Last Post: 09-22-2009, 04:34 AM
 
 
Sponsored Links

Legal Help, Information and Resources