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Co-Signor rights

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R

Ross Elmore

Guest
california. i was to co-sign a loan for a friend where I actually became the Primary....unknowingly. the dealership told him that i had to be the primary and that this was normal procedure so he signed my name. i never even saw the documentation. but I did not want to cause a headache because he is a good friend. currently, he is paying the loan; has registered it in his name and has insurance in his name. i fear that one day he may not continue to pay on the loan. only, if he does not make the payments on the bike, as the primary, do I have the right to go to his home and take the item which was purchased without his authorization? can he sell it without my approval? what legal recourse would I have in this case? please send to [email protected]


Thank you for your time.
 


ALawyer

Senior Member
No, you do not have the right to just take it if he owns legal title.

If you signed, primary or not, you'd be on the hook if he defaluts.
 

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