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| *Loan,banking and credit>>>auto loan |
Co-signer of auto loan not on title of vehicle any rights to vehicle? |
The vehicle belongs to our 18 yr. old son who up and decided to quit his job, move out and leave us paying the bank and insurance. Do we have the legal right to take the vehicle back? If his name is the name on the title, then it is his car. He can trade it in or sell it without your approval so it is hard for me to believe that you have a right to it. I work at a dealership and have run into this before. My solution would be to talk to the bank holding the loan and see what they say. If you threatened to stop paying what would your son do? Also, if you told him you were going to take it back because you helped sign for it, would he know any better to fight it? Hope it all works out for the best. If you are the legal co-signer, your name is on the title. He may have not registered the vehicle with your name on it. But not sure if that is the case. Are you on the registration? Ask the bank where your at on the vehicle, they can help, asking does not cost anything, but sounds like you should take action, before anything else happens. There are two sections on the registration: "Registered owner" and "Legal Owner" You SHOULD have been put on title back when the loan was done--but they DO goof. I refinanced my truck to get my mom off the title-- and they accidently deleted ME and left her, so now she is the owner on title with the new bank and I am the one on the loan. OOps! Call the loan company...they might be able to get you on "Legal owner' side with them, which might give you some rights. |
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