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co-signer help

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kam76

Junior Member
What is the name of your state? IA
I co-signed an auto loan for someone I thought was my friend. He is now getting insurance through my bank because he let his insurance lapse. I can't get a hold of him, so he doesn't know this, and now his payments are going up. He also is now late on his loan payment. The title to the truck is in his name only. Is there any legal recourse I can take, since I am the primary borrower on the loan? Legally, can I make him sign the truck title over to me, if he stops making payments? Or would a judge force him to do that if he didn't get his own loan by a certain date? Thanks
 


Debt Guy

Senior Member
Personally, I think you are pretty much out of luck here. You agreed to pay if he did not -- that is what co-signer means.

It sounds as if you do not have any sort of security interest in the vehicle. In that case, you can't "repossess" it.

You can bring a lawsuit against him for damages -- if and when you incur any.

Someone else may think differently, and if so, they will chime in.
 

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