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    Auto Loan co-borrower not paying

    Jurisdiction / State: Florida

    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?

    Thanks

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    Quote Originally Posted by MaggieL View Post
    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?

    Thanks


    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.

    http://myfloridalegal.com/pages.nsf/...5!OpenDocument

    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.

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    Thank you very much for the information!



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    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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    A SURPRISE TESTIMONY ABOUT MY LIFEMy name is Michelle Maxwell. I live in Cleveland United state. I came from a very poor family, one day I cried all torguhh the night, after that I fell into a very deep sleep and as I was dreaming I saw this Email address, I then began wondering what was the meaning of this dream. In the dream I was referred to money lender that said is the only one that can help me now, but I didn’t have system because my cell system had been disconnected. One faithful day I was at my home when a friend of mine came to me, she was filled with happiness; I then asked her what brought her to my home today? Ever since no one had been coming to my place because of the hardship that was falling upon me. She then told me that I should guess what make her came to me today? I then told her that I am not good in guessing she then told me that she applied for a loan from one Mr. David kollince and he gave her the loan without any stress. I then remember the dream I dream that was the name I saw also, I then told my friend that I have seen this name before in my dream, I then ask my friend if she was sure of what she just told me that he granted her the loan? My friend then took me to her house that is the place I confirmed that the dream will not refer me to a wrong person. I saw my friend’s name in the Document Carmella that encouraged me more again that this must be a saint to my life, I then told my friend to help me with some money to connect my system from there. I then applied from him also; he then granted me a loan of $ 100,000. I then made a promise that I must always testify this miracle on yahoo answer that takes place in my life to everyone. I know people will be wondering why I said that I came from a poor home and I placed my story to the world. I am not ashamed, if I did not enquire, I would have still been in abject poverty today, now I am one of the happiest people today. I am fully out of poverty. I Michelle will advice you to go for inquiry if you believe that you can pay back the loan you should enquire from this faithful Mr. David kollince (micro finance company) you can contact him via. My family will always be grateful to you for the success you bring to our Home today. Even if I depart in death today or my husband our children will testify this to the whole world because they all know were they are coming from, your help makes us to be where we are today, my family will always pray for you for long life and good health.

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