Virginia  |  Civil Litigation

Legal Question

Asked on: 2/12/03, 11:40 am

Co-signer for automobile loan

I am a co-signer for an automobile loan. I make the payments, drive and insure this vehicle. The other party wants ''out'' of the loan obligation. I am not in a position to refinance or to get an automobile financed in just my name alone.

The other party wants to take ''possession'' of the automobile, so it can be sold since I am not able to refinance . My questions are #1 Can the other party ''take'' the car from me? #2 If the other party takes back the car and sells the car but, does not get the amount owed who is responsible for the remaining debt on the car?

#3 Since the other party wants ''out'' of thier obligation and I want to continue paying for the automobile can I request the other party to ''buy'' thier portion of the loan?

Your help is most appreciated.

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