I was to cosign on a vehicle for a friend. Instead of being listed as a cosigner, I was listed first and he is listed second as a co-owner. The deal was he was to refinance or trade in the car in 6 months. It has been a year and he has not shown a good payment record on the account at all. He has sent in three checks from accounts that were no longer open and has sent two checks from frozen accounts. I have been told by the finance company that there is nothing I can do because I do not have possession of the car and I am not allowed to do a voluntary repossession without the co-owners authorization. I have also been told that he is allowed the same decision making steps as I am. He was allowed to add two months to the contract by paying a nominal fee. I did not approve the process but was informed that my signature was not needed.
I have attempted to go pick up the car but he has moved and refuses to tell me where he lives now. I do not need nor want the vehicle and cannot afford the car payments due to having my own car. I would like to know what legal avenues I am allowed in attempting to resolve the issue. He is currently 3 months past-due but because he keeps telling the company he will pay there has been no decision made by the finance company to resolve the account.
I just want to get the vehicle out of my name. It is currently messing up my credit and my school loans have been denied because of this issue.
I have attempted to go pick up the car but he has moved and refuses to tell me where he lives now. I do not need nor want the vehicle and cannot afford the car payments due to having my own car. I would like to know what legal avenues I am allowed in attempting to resolve the issue. He is currently 3 months past-due but because he keeps telling the company he will pay there has been no decision made by the finance company to resolve the account.
I just want to get the vehicle out of my name. It is currently messing up my credit and my school loans have been denied because of this issue.
