Need to Get Out of Co-Sign Ordeal

[mckayla317]

What is the name of your state? NC

Back in Aug. I co-signed on a car to help him out. He has since fought with me, and every now and then tells me he's going to stop payments on it. Recently he lost his key and I have the other just for my security because if he defaults on the loan, I should have a key to drive the car I would be paying for. He is insisting for me to give him that key or else he will have the car towed to the dealership to have it re-keyed. I have talked to the bank we financed it through, and they told me he cannot legally keep a key from me. The dealership said they would not re-key it unless he has proper registration(which is in my possession). He has a club on the steering wheel right now. I want out of this situation. What legal rights do I have as the primary holder on the loan with regards to the car?

 

[Zigner]

What is the name of your state? NC

Back in Aug. I co-signed on a car to help him out. He has since fought with me, and every now and then tells me he's going to stop payments on it. Recently he lost his key and I have the other just for my security because if he defaults on the loan, I should have a key to drive the car I would be paying for. He is insisting for me to give him that key or else he will have the car towed to the dealership to have it re-keyed. I have talked to the bank we financed it through, and they told me he cannot legally keep a key from me. The dealership said they would not re-key it unless he has proper registration(which is in my possession). He has a club on the steering wheel right now. I want out of this situation. What legal rights do I have as the primary holder on the loan with regards to the car?

You can't just get in the car and take it...you would need to be listed on the TITLE in order to have a chance of doing it that way. If your name is not on the title itself, then have big problems coming up. It is not your car by any stretch. In fact, holding the registration really doesn't help you much, since the registered owner of the vehicle could easily get a duplicate copy.

 

[mckayla317]

My name is on the title and registration as the primary owner of the car. Honestly, I do not want to take it unless I am paying for it. But, I also do not want to put up with him anymore.

 

[longneck]

first, call the financing company and ask for the pay-off value of the loan.

then, take the car to a REPUTABLE used car dealer, such as the new car dealer where you bought car, and sell it. if you truly are the owner and it's your loan, then you can just sell it. note that will end up owing money if the dealer won't buy it for the pay-off value.

the reason i say you need to go to a REPUTABLE dealer is that if you go to a dishonest dealer, they may not care if it's legal for you to sell the car or not.