co-signer blues

[caseysdad]

What is the name of your state? arkansas. My 21 year old son traded in his truck on another truck. He recieved 2500.00 for his trade in. He used this as a down payment on the vehicle he was purchasing. The only way he was able to get this vehicle financed was with a cosigner, so a freind of his co-signed for the vehicle. Then both of them left the state to work in another state. After a short time the co-signer decided he wanted to return to Arkansas and my son didnt so the co-signer took the vehicle and returned. He now has the vehicle and is trying to sell it. What rights do my son have. Can the other person do this eventhough he has no monetary claim on the vehicle?

 

[I AM ALWAYS LIABLE]

What is the name of your state? arkansas. My 21 year old son traded in his truck on another truck. He recieved 2500.00 for his trade in. He used this as a down payment on the vehicle he was purchasing. The only way he was able to get this vehicle financed was with a cosigner, so a freind of his co-signed for the vehicle. Then both of them left the state to work in another state. After a short time the co-signer decided he wanted to return to Arkansas and my son didnt so the co-signer took the vehicle and returned. He now has the vehicle and is trying to sell it. What rights do my son have. Can the other person do this eventhough he has no monetary claim on the vehicle?

My response:

Is the cosigner also a "registered owner"? If so, then he has every right to take the vehicle.

What do YOU mean by saying "even though he has no monetary claim on the vehicle?" Of course the cosigner does! If your son fails to make the payments, or fails to make the payments in a timely fashion, guess who's credit goes into the dumper, and who gets sued for the contract amount?

So, don't give me that crap about the cosigner not having a monetary claim. He's the one in financial danger - - not your son.

IAAL