My husband is the co-signer on a vehicle for our son in law. We will be taking back the car. He is not being cooperative about refinancing. We just don't want to be stuck with him on the title forever, and not be able to sell it, refinance it, etc.
No - it is his vehicle (or partly his if there is another person on the title). You say you don't want to get stuck with him owning the car, and you having financial responsibility, but that is exactly what the lender asked of you in the contract and exactly what you agreed to by signing the contract. Unless you had a lien on the car (which would be subordinate to the lender anyway), there is no right to the vehicle. Co-signing a loan, for anyone, any time, for any reason, is almost always a really bad idea.
3 lawyers agree
Criminal Defense Attorney
If you are not on the title, you have no right to "take back the car." That's something the lender can do. As Mr. Riddle explained, co-signing a loan gives you responsibilities but no rights.
↓ Mark this answer as "Helpful" or "Best Answer" if you like it. For more information, contact us at www.SteakleyLawFirm.com or (404) 835-7595. The initial consultation is always free for Avvo users.
2 lawyers agree