Can I take possession of a car I co-signed for?

Full question:

I had a friend who brought a car and she needed someone to co-sign for her. So I did. The mistake of my life. Sometimes she'll make the payment and other times she doesn't. The loan is thru Wells Fargo and they stated I could go and get the car since my name was on the Title. I have a copy of the title. Is there anything I can do to get this car or get my name off the loan? Also, we aren't on speaking terms at this time. Should I get an attorney and take her to court? I could just confront her and take the car. I would really appreciate some information on how to handle this situation. Or am I just out of luck and I'm going to have to pay on the loan no matter what?

Answer:

You have a right to possess the car since your name is on the title. However, you cannot remove your name from the loan unless the bank agrees to have the loan assumed or refinanced without you as a co-signer.

If you want to take action, consider consulting an attorney to discuss your options. While confronting your friend might seem tempting, it could lead to further conflict. If you choose to pursue legal action, an attorney can guide you through the process.

Ultimately, if your friend does not make payments, you may still be responsible for the loan unless you can resolve it with the bank or through legal means.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

When a car is repossessed, the co-signer is still responsible for the loan. This means that if the primary borrower fails to make payments, the lender can pursue the co-signer for the remaining debt. Additionally, a repossession can negatively impact the credit scores of both the borrower and the co-signer.