Auto Loan co-borrower not paying
Auto Loan co-borrower not paying
A family member asked me to sign for a auto loan because their credit was bad. I am primary on the loan and the title is in my name (not sure if they are on it as well). They are listed as secondary on the loan and have the vehicle. I have had to pay the payment several times because they do not pay it. They have paid 30 days late a few times so far as well. I have good credit (damaged a little due to this) and want to keep it that way. My question is... can I take the car if they are not paying the payments? Also, if they do not have insurance on the car (or let it lapse) am I liable if they get into an accident?
Samaritan & Scholar
Originally Posted by MaggieL
You have a messy situation on your hands.
I won't lecture you, because I know you've learned yoru lesson.
Yes, the car can be repossessed, but specific guidelines must be followed.
This link provides some information on the matter.
I suggest you contact the lender and see how they can help you get the car, because they hold the note.
Sometimes self-help remedies causes the actor trouble.
The lack of insurance is also a problem for YOU!
This is heading for trouble, you're smart to want to intervene.
Contact the lender and see if they can "repo" the car and give it to you, if you'll continue making payments.
Expect there to be an additional cost if they do that, it usually is.
I offer useless information. You should seek legal advice ONLY from YOUR lawyer!
Thank you very much for the information!
My daughter put a car loan in her name (did NOT co-sign) for a friend/room-mate that could not qualify for the loan. I know this is horrible. The friend told my daughter that the company that he worked for was buying the car for him and would be paying off the loan. This was a lie! My daughter struggles herself to make ends meet, I find it shocking that she qualified for another car loan since she is paying her own car note. She has excelent credit but do not see how the loan went through since she has no colatteral and rents a flat. ANyway, the friend has been late paying, has only had the vehicle for 4 months. (It is a used BMW). I know, sounds crazy. She is sick to death and this is affecting her phisically, can't sleep. I know it is bad, just lay it down and tell me what you think, please. I told her to just take the keys and we can sell it, but it is upside down and would still be a note due. If he moves or she moves and does not stay in touch with the looser he would be less likely to make payments, so she feels trapped. He often talks of moving back to California, then what??
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