Expert Advice When You Need It Most

Removing my name from a car loan

Asked over 2 years ago - Chicago, IL

I co-signed a new car loan for my son 2 yrs ago. The car is titled in both our names. Two months after the purchase he was laid off from his work. I made the next 5 payments until he was on his feet again. He has been consistantly late on the remaining payments. He has not made the last two months payments. He has been estanged from us for the last month. I don't bellive he intends to make the payments. He has been employed the past 17 months in a good paying job. I have asked for him to refinance the car to remove my name, but to no vain. Is it possible for me to make the payments and take possession of the car from him or can I have his wages garnished to make the payments?

Flag

Save

Share with:

Attorney answers (1)

John Morelli

Reputation Level 10

Answered about 2 years ago. Personal Injury Lawyer in Glendale, CA.

Flag

When you co- sign a loan for someone, you agree to be legally responsible for that loan. If your son does not pay, the loan company can come after you. Only if your son gets a new co-signor can you be removed from the loan and only if the loan company or bank agrees. You do have a remedy to go against your son for any payments that you have to make on his behalf. If you do not want your credit negatively affected, the only thing that you can do is to contact the loan company, explain the situation and ask them to let you know if any payments are late. You would then have to make the payments and sue your friend for those amounts. I cannot answer whether Illinois law would allow you to take possession of the car, but you would have an equitable lien against the vehicle in most states. You may be able to convince a court to allow you to take possession based upon your lien. At the very least, you would be able to get a judgment against your son for any payments that you make. You can then attach his wages if he does not pay you these amounts.

Mark as good answer

Add comment