• 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.

Being a primary borrower for a car

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

shardin

Junior Member
What is the name of your state? TN
I am the primary borrower and my step daughter is co-borrower for a car that was recently purchased. Can I leaglly sell that car if I want to be off the loan? There has only been 1 payment made on the car. My step daughter has started hanging out with a bad crowd and the car was stolen. It has been recovered, and the guy (her friend) was arrested. He was arrested in a well known drug and gang area and I don't want to risk something happening again and it ruining my credit or name. Please help. :eek:
Thank you,
SHWhat is the name of your state?
 


What is the name of your state? TN
I am the primary borrower and my step daughter is co-borrower for a car that was recently purchased. Can I leaglly sell that car if I want to be off the loan? There has only been 1 payment made on the car. My step daughter has started hanging out with a bad crowd and the car was stolen. It has been recovered, and the guy (her friend) was arrested. He was arrested in a well known drug and gang area and I don't want to risk something happening again and it ruining my credit or name. Please help. :eek:
Thank you,
SHWhat is the name of your state?
The controlling document is the title, not the note. If the car is titled in your name, then you can sell the car*. If the car is titled in your daughter's name, however, then only she can sell the car*. If you're both on the title, then it will require both of your cooperation*.

However, even if the car is titled in your daughter's name, your liability for the note could be dissolved if she is able to refinance the vehicle in her name alone. Of course, that will require her cooperation as well.

*Subject to the lender's lien
 

Find the Right Lawyer for Your Legal Issue!

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