Results 1 to 4 of 4
  1. #1
    Join Date
    Dec 2017
    Posts
    2

    Default Can You Take the Car if You're the Primary Borrower and the Owner Defaults

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

    about a year ago my wife's sister asked her to co sign on a car loan. She agrees and now her sister stopped making payments. Then we come to find out that my wife is the primary and I guess it's in her name. She never agreed to this. While in the phone with the lend she told them this and said "can't I just go get the car." They told her no. That her sister has to agree to let her take it.

    I came across the term straw car loan and this certainly sounds like what is going on here.

    Seems we should be able to take the car or at least have her name removed. She never agreed to this and we only found out after 6 months.

  2. #2
    Join Date
    Oct 2006
    Posts
    13,153

    Default Re: Wife Agreed to Co Sign and Put Down As Primary

    Quote Quoting Turboman808
    View Post
    My question involves a consumer law issue in the State of: georgia

    about a year ago my wife's sister asked her to co sign on a car loan. She agrees and now her sister stopped making payments. Then we come to find out that my wife is the primary and I guess it's in her name. She never agreed to this. While in the phone with the lend she told them this and said "can't I just go get the car." They told her no. That her sister has to agree to let her take it.

    I came across the term straw car loan and this certainly sounds like what is going on here.

    Seems we should be able to take the car or at least have her name removed. She never agreed to this and we only found out after 6 months.
    It sounds like your wife is the primary borrower but the car is registered in her sister's name, therefore no, your wife cannot just take the car. If they were both on the title and registration then your wife would have just as much right to have the car as her sister, but even then unless your wife has a set of keys to the car and can just drive it off, there wouldn't be any legal way to "take" the car from her.

    Now, one thing that I have seen a couple of people do is work with the lender with an agreement that the lender repo the car from the other party, and then the person immediately redeems the car from the lender, taking possession that way...but that only works if the person is on the title.

  3. #3
    Join Date
    Mar 2013
    Posts
    14,411

    Default Re: Can You Take the Car if You're the Primary Borrower and the Owner Defaults

    Quote Quoting Turboman808
    View Post
    Then we come to find out that my wife is the primary and I guess it's in her name. She never agreed to this.
    Sure she did.

    It was laid out right in front of her when she signed the papers.

    Didn't she read and understand what she was getting into?

  4. #4
    Join Date
    Dec 2017
    Posts
    2

    Default Re: Wife Agreed to Co Sign and Put Down As Primary

    Quote Quoting llworking
    View Post
    Now, one thing that I have seen a couple of people do is work with the lender with an agreement that the lender repo the car from the other party, and then the person immediately redeems the car from the lender, taking possession that way...but that only works if the person is on the title.

    That sounds like what we may have to do.

    Thanks

    1. Sponsored Links
       

Similar Threads

  1. What Happens to a Cosigner When the Borrower Defaults
    By ashannada in forum Cars and Dealerships
    Replies: 2
    Last Post: 09-12-2014, 08:32 PM
  2. Cosigners: What Relief Can a Guarantor Get After a Borrower Defaults
    By a77ryan in forum Debts and Collections
    Replies: 7
    Last Post: 08-27-2014, 07:39 PM
  3. Cosigners: Can a Cosigner Sue Defaulting Primary Borrower if He Removes Primary from the Loan
    By taylor97 in forum Debts and Collections
    Replies: 10
    Last Post: 06-12-2012, 04:46 PM
  4. Cosigners: Cosigner's Recourse When Borrower Defaults
    By CR1984 in forum Debts and Collections
    Replies: 3
    Last Post: 09-02-2010, 04:59 PM
  5. Co-Signer's Remedy When Primary Borrower Defaults
    By nsrawlings in forum Cars and Dealerships
    Replies: 1
    Last Post: 08-15-2010, 09:20 PM
 
 
Sponsored Links

Legal Help, Information and Resources

Forum Sponsor
Legal Forms - Buy easy-to-use legal forms.