Legal Question in Credit and Debt Law in Illinois
co-signed a car loan...
I co-signed for a car loan a few years ago. Recently, the primary signer stopped making payments and the bank contacted me.
I have possession of the car and have brought the payments current. Should I work on getting the title in our name as well? How do I do that?
1 Answer from Attorneys
Re: co-signed a car loan...
Many lenders have forms for this, since they hold the title. Your first step would be to call the lender and ask what you can do to have the title changed to only your name (chances are if you are the co-signer you are probably already on the title, but you might not be). If the primary signer is cooperative, you would just have him/her sign that and submit it to the appropriate person. If the primary signer isn't cooperative, then you may need to bring a small claims case against him/her to have him/her ordered to sign it. You may want to consult an attorney about this if a simple call to the lender isn't going to get this done.
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