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can a cosigner take possession of a vehicle for ...
Sent to Legal Experts July 28 04:43 PM

can a cosigner take possession of a vehicle for non-payment?

 

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Tustin, California

Already Tried:
The cosginer in an auto loan repossessed my truck with assistance of police. I was almost 30 days (I have had vehicle for 2 years w/ no late payments) late but was going to make payment today. The title, registration, and the financing is in both our names. Who has more rights to the vehicle? Thanks

Customer (name blocked for privacy)
Status:  Closed   Value: $15
Info Request
July 28 6:58 PM (2 hours and 15 minutes and 48 seconds later)
         
REPLIED to Info RequestCheck Mark
Dear Chryslekobe-

Was the cosigner the creditor of the car as well (e.g., did they loan you money to pay for the car)?

Thanks,
Emily


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Reply
July 28 7:07 PM (8 minutes and 59 seconds later)
         
Reply to LawGuru aka Emily's Post: No. Financing is through a 3rd party bank.
Customer (name blocked for privacy)
Answer
July 28 7:24 PM (16 minutes and 35 seconds later)
         
ACCEPTEDCheck Mark
Dear Customer (name blocked for privacy)-

Thanks for the information.

A co-signer is equal liable on a loan, and is therefore has equal rights regarding the car. The actions taken by your co-signer are a bit unusual, but because the co-signers credit is also on the line when a payment is late, a co-signer does have the right to "surrender" the car to avoid further damage to his/her credit. Unfortunately, even missing one payment makes repossession possible since you are technically in default on the loan.

You should try talking to the creditor, however, to see if you can make alternative arrangements and to get the car back (see if you can remove the co-signer from the contract as well) - since you've been making prompt payments up til now, they may go for this.

If you have further questions, feel free to ask!

Sincerely,
Emily


If you found the advice helpful, please hit ACCEPT. If you are not satisfied PLEASE let me know, or ask additional questions! Thank You!
PictureEsquireEmily -- Licensed Attorney -- 99% Positive Feedback on 222 Legal Accepts
Licensed Attorney. Family Law, Probate, Criminal Law, Civil Law, Juvenile +
Reply
July 29 8:45 AM (13 hours and 20 minutes and 55 seconds later)
         
Reply to LawGuru aka Emily's Post: Thank you for the information. It was very helpful. It makes a lot of sense. I will speak to my friend and see about getting it out of their name. But, having equal shares of the truck means I can do the same, correct? One last question: Do you know if there is a section or legal code (Calif.) that describes what you wrote?
Customer (name blocked for privacy)
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