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Stupid Vehicle Loan

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L

liselle2

Guest
My fiance cosigned a loan a couple years ago for a friend (Stupid Mistake #1). Other than the loan papers, he has no written contract from her (Stupid Mistake #2). He does have a witness (a mutual friend of theirs). So far, she has gotten behind in the payments numerous times, to the point where the vehicle has almost gotten reposessed twice. It gets to the point of repossession, and she makes a payment. He has even made payments himself because he wanted to keep his credit record from being damaged, but because he is the major cosigner, his credit is still taking a real beating. He has no usage of the vehicle, and it is not registered or insured in his name. She would not return his phone calls; the only time she has is when she got mad when he gave her new phone number, address, work and pager numbers to the bank, since he is getting all the collection calls at work (average 1 a day), and when he was busy, he asked me to make the phone calls for him and she left a really ticked message that I was not to call her because it was none of my buisness and that it was taken care of. As far as I am concerned, it is my buisness because we are getting married and it will affect my credit, and it won't be taken care of until the loan is gone. Can he take her to court to take the vehicle away from her? Would it be worth it?
 


JETX

Senior Member
Answers:
No. And, No.

As a co-signer, he has no legal standing to take the car away from her. His only rights are to make the payments if she defaults, and he can sue her for his damages (the payments that he had to make in her name).
 

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