Legal Question in Consumer Law in Maine

Re: Co-signer limitations on a truck loan

The obligation to pay for the truck is not the same as ownership of the truck. If the title is in your name, you can sell it; if not, get the principal obligor (person you signed for) to sign over the title to you so you can sell it. In most places, a guarantor (which is usually what a co-signer is) can revoke his oblgation in a written statement to that effect delivered to the lender, so that may be another option. Finally, you could perhaps persuade the person you signed for to sell it himself - if you end up having to pay the lender, you have a right to collect from the person you signed for. I suggest you send the written revocation of your status as a guarantor (you can figure out later whether it really worked or not by reading up on it in your local law library), and meanwhile by pursuing the sale option diligently. You will, of course, read and be sure you understand the contract you signed before doing anything else, right?