Co-signing a loan
A personal loan was co-signed by me through a credit union so that a friend could obtain a car. I have made most of the payments in order to protect my credit since my friend was unable to make the payments (I have all the documentation to prove that I made the payments.) The title to the car, however, is in her name. Do I have any recourse to obtain the ownership? I would like to sell the car and recoup my money.
2 Answers from Attorneys
Re: Co-signing a loan
Unfortunately, you cannot obtain ownership. You can sue the co-signer, but there may be an issue with collection a judgment.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
1230 Peachtree Street NE
Atlanta Georgia 30309
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Re: Co-signing a loan
Never ever co-sign a loan. If a bank thinks the person can't repay, that is a huge red flag for you as you found out.
If the car isn't in your name, no you can't take the car. You can sue the person (if under $15,000 in Small Claims [Magistrate] Court), but if they don't have money to pay the bank, you'll likely have difficulty collecting.
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