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Rights as a Cosigner on a Car

Discussion in 'Banking, Finance, Investments' started by guinness126, Apr 21, 2006.

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  1. guinness126

    guinness126 Law Topic Starter New Member

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    I am looking for opinions and advice.

    About 2 years ago, I helped a friend secure a car loan on a used vehicle. When the financial institution put the loan through, instead of putting him through as the primary and me as a cosigner, they reversed it so that my name appears first on all of the loan documents and registration papers.

    I have asked this person many times to try to refinance and secure a loan in his name for this vehicle to free up my credit. Every time, I continually get another excuse as to why he cannot do so.

    My question is this: do I have the right to refinance the car into just MY name, and do what I want with it? If I do secure a loan for the vehicle in just my name, how do I go about getting the vehicle back from him? And what if routine maintenance was never performed on the vehicle - can I take this person to court for not taking care of a vehicle that he "borrowed"? How long of a time frame do I legally have to give him before i can refinance the car in my name?

    Bottom line _ I a mtired of excuses and getting a runaround.
     
  2. Michael Wechsler

    Michael Wechsler Administrator Staff Member

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    Forgive me if I ask a stupid question... but if the names were reversed by accident, why didn't you do something about it?
     

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