Legal Question in Credit and Debt Law in Florida
car loans
does a co-signer have to agree to a repossion of a car
Asked on 7/02/07, 11:33 am
1 Answer from Attorneys
Barry Kaufman
The Law Office of Barry W. Kaufman
Re: car loans
No. The amount of the monthly payment is owed by each person who signed the loan - in other words, suppose the car payment is $300 a month, and there are two people who signed the loan papers. The finance company expects to see at least one payment for $300 each month - they couldn't care which of the 2 people signs the check. Any agreement between the signer and the co-signer as to who is going to make payment, etc., is meaningless to the lender. If the payments aren't made on time, the car gets repo'd. End of story.
Answered on 7/04/07, 4:06 pm