Legal Question in Consumer Law in Georgia

I live in Georgia. I co-signed on an auto loan for a girlfriend while we were together. She ended up bailing, but leaving the truck. She has been gone for nearly 18 months, and I have been responsible for the truck the whole time. I had some issues and made some late payments, but am now working on getting it back to good standing. She has found a new partner, and wants to take the truck from me and either allow the new partner to drive it (as she had a nice car to begin with) or to trade it in. Possibly even considering a voluntary repo, just to get out of the loan. I do not want that on my credit, nor do I want to lose all that I have invested in the truck. She threatens to report it stolen and have me arrested, or pitches a fit and demands that I give her the truck back. What can I do to protect myself and my investment? (This is now my only mode of transportation. I couldn't afford 2 vehicles)


Asked on 3/17/17, 2:40 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

You left out the one important detail. Who is on the title? If it is just her, then you either give it back or you could face serious issues. Co-signing certainly is not an investment. It is agreeing to take all of the liability with none of the benefits, when the lender already expects the borrower to not pay.

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Answered on 3/17/17, 2:48 pm
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Sorry, bad news. You NEVER cosign for people unless youplan to lose the money. Unless the titleis in your name, if you keep the car without permission, you do go to prison and it'sa felony. . And you remain liable for the debt,and you don't get the money from her. It will by the way also beon your credit anda repo will really screw your credit. You learned an expensive lesson. The warning was there (banks want cosigners because they knew she couldn't pay). There is no fix. Give her the car (you have no choice), and sadly you may be making the payments.

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Answered on 3/17/17, 2:49 pm


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