Legal Question in Civil Litigation in Florida
I signed a car loan for a family member and they have been late making payments. Im worried that this may ruin my credit. The relative is unwilling to cooperate with me and i need to get this car out of my name. Is there anything that i can do? I'm trying to purchase a home an because of this vehicle being in my name i'm having a difficult time getting approved. Can I take possesion of this vehicle and sell it?
2 Answers from Attorneys
probably not. It would depend, somewhat, on your agreement. My bet is that you have nothing in writing -- which is a huge mistake. You are correct that their late payments may affect your credit if you are a co-borrower. If you only guaranteed the loan, the late payments will not affect you, but you are on the hook when they default.
See if you can take over the car if you can make the payments. Tell relatives their credit will be hurt if payments are late and if you take the car and payments over it will help their credit.
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