Legal Question in Credit and Debt Law in Georgia

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.

Asked on 10/06/04, 1:41 pm

2 Answers from Attorneys

Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business 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

Promenade II

1230 Peachtree Street NE

Suite 1900

Atlanta Georgia 30309

Phone 404.942.3545

Fax 404.795.0993

[email protected]

Confidentiality Notice

This message is being sent by or on behalf of a lawyer. It is intended exclusively for the individual or entity to which it is addressed. This communication may contain information that is proprietary, privileged or confidential or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy or disseminate this message or any part of it. If you have received this message in error, please notify the sender immediately by e-mail and delete all copies of the message.

Read more
Answered on 10/06/04, 6:12 pm

Glen Ashman Ashman Law Office

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.

Read more
Answered on 10/06/04, 2:22 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Georgia