• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

co-signer

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

S

stan strouble

Guest
What is the name of your state? Ma. I am the co-buyer of a vehicle that was purchased in 1999. The buyer is my half brother who has made 41 payments, but is now drug dependent and not willing to give me pocession of the vehicle. it is registered and insured under his name and the finance company said that only his name is on the title. what cand i do to get out of this contract ., or if i start making the payments how can i recoop may money, if the car is traded of totaled in an accident.
 


I AM ALWAYS LIABLE

Senior Member
stan strouble said:
What is the name of your state? Ma. I am the co-buyer of a vehicle that was purchased in 1999. The buyer is my half brother who has made 41 payments, but is now drug dependent and not willing to give me pocession of the vehicle. it is registered and insured under his name and the finance company said that only his name is on the title. what cand i do to get out of this contract ., or if i start making the payments how can i recoop may money, if the car is traded of totaled in an accident.


My response:

In your fact situation, the only thing you're entitled to is the obligation to pay the debt, or to take the hit on your credit report. You may also be sued for any deficiency - - after repossession, the vehicle is auctioned off. If there's a difference between the auction price, and the remaining balance on the purchase contract, then that's a "deficiency."

Since you are not a legal or registered owner of the vehicle, and since you undoubtedly never took any collateral for your signature, then you're stuck.

I can only guess that when you signed the contract to be the cosigner, you didn't think that "down the road" your butt could be flapping in the wind. Didn't it ever occur to you that you had no safeguards in place in the event your friend defaulted on the loan?

IAAL
 
Last edited:

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top