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co signer on loans

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larrandshell

Guest
What is the name of your state? What is the name of your state? Oregon

please help!! I am the co-signer on an auto loan with my sister in law. She is behind on the payments. I have a key to this car do I have the legal right to take the car if i am on the loan papers and is that car also legally mine because i am on the loan papers? If i am able to take this car into my possession can i be arrested for auto theft? The loan is in the state of Colorado. please help Thank you!!
 


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totallybroke

Guest
I think the real question is who is the car titled to?

I believe legally you have to be on the title to take possession of the vehicle.

Sr. members maybe you can help on this.
 

I AM ALWAYS LIABLE

Senior Member
larrandshell said:
What is the name of your state? What is the name of your state? Oregon

please help!! I am the co-signer on an auto loan with my sister in law. She is behind on the payments. I have a key to this car do I have the legal right to take the car if i am on the loan papers and is that car also legally mine because i am on the loan papers? If i am able to take this car into my possession can i be arrested for auto theft? The loan is in the state of Colorado. please help Thank you!!

My response:

Totallybroke is correct. Unless your name appears on the title as a "lienholder" or "co-owner", you have no "ownership interest" in the vehicle. Being named on the loan papers, alone, does not confer ownership rights of the vehicle to you. It only means that you have a potential debt in the event of default on the contract.

You failed to have a written "side agreement" with your sister-in-law, or to maintain some sort of collateral, or to be placed as a lienholder on the title in exchange for your signature on the loan documents. Therefore, other than expensive litigation in the event of her default, you have no "remedies."

So, if you "touch" that vehicle, you may be in for the "time" of your life.

IAAL
 
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