Cosigner troubles!

[brianjames15]

I have done the dumbest thing in the world. I bought a truck for a girl that had no credit. She was my fiancée at the time. She is listed as the cosigner and co-owner of the truck. My question is what right do I have to take the truck away from her if she does not make the payments on time. I am the primary buyer of the truck and everything is sent to me. The insurance and registration are all sent to my address and I am the primary for all. She still has possession of the truck but is there any recourse she can do to me if I take it away and sell it. The title is an "or" not "and". Any information will help.

 

[Michael Wechsler]

Joint ownership frequently brings its share of problems unless carefully thought out in advance. The challenge here obviously is not just between you and the girl but also between you and the finance company, who will likely not let you off the hook should you be able to sell your portion of ownership of the vehicle to the girl.

What is a "co-owner" and "primary" mean here? Could you provide more information about the title? Just because items are sent to you may not mean anything and it might even make things a little more difficult for you with regard to being the party on notice.

I have done the dumbest thing in the world. I bought a truck for a girl that had no credit. She was my fiancée at the time. She is listed as the cosigner and co-owner of the truck. My question is what right do I have to take the truck away from her if she does not make the payments on time. I am the primary buyer of the truck and everything is sent to me. The insurance and registration are all sent to my address and I am the primary for all. She still has possession of the truck but is there any recourse she can do to me if I take it away and sell it. The title is an "or" not "and". Any information will help.

 

[lwpat]

Since she has no credit then the option of selling the truck to her and having her obtain her own financing is out. The other problem you have is if there is an accident you could be liable for any damages not covered by insurance, especially if you do not have gap coverage.

You need to sit down with an attorney and have him examine the paperwork and help you figure the best way out. If one of you does not make the payments the finance company will repossess the truck and come after you. This will also ruin your credit for seven years.
Do not delay since these things usualy take a turn for the worse.