Cosigning

A friend had no credit and I helped him get a late model truck. I put down $1000 and because of his credit problem, GMAC suggested that I sign for the truck and he be the cosigner - so therefore now I'm the prime owner/lendee. The cosigner is making the payments. What are my rights with the truck? If he doesn't pay, can I legally get the truck away from him and sell it to pay off the loan? I'm up to my ears in credit and don't need a truck/payments. I realize it was a bad thing all around, but how can I protect myself?
-Florida-

[Edited by homeruntaz on 02-19-2001 at 05:32 PM]

[I AM ALWAYS LIABLE]

My response:

You can't get the vehicle unless your name appears on the registration as an owner.

If your name is only on the loan as the co-signer, then you have the right to pay the loan off. Period.

If he stops making payments, and the truck gets repossessed, then the creditor comes after you. Your credit suffers immense damage.

Yes, co-signing is a real bad move. You have more to lose than you can guess.

IAAL