Legal Question in Credit and Debt Law in Georgia
Auto loans
My sister in-law is a cosigner for an auto-loan. If the owner of the vehicle stops making payments what happens to her (sister-inlaw)and, is there any way she can obtain ownership of the car before that happens.
Asked on 12/30/06, 3:30 pm
1 Answer from Attorneys
Scott Riddle
Law Office of Scott B. Riddle, LLC
Re: Auto loans
A co-signer generally bears all of the resonsibility and none of the benefit. If the original debtor stops paying, the co-signer must pay or risk bad creditor and/or a lawsuit. The co-signer generally has no right to the collateral, absent an unusual agreement. The co-signer can certainly ask that the car be transferred to her in exchange for paying the remainder of the debt.
Answered on 12/30/06, 3:38 pm
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