Legal Question in Civil Litigation in Illinois

Co-Signor on Vehicle

My son co-signed a car loan for his friend who is now in deafult on the car note (2 months behind). The bank states they will repossess the vehicle in a matter of 10 days. This friend has promised for over 8 months now, to get my son's name off of the loan by refinancing it with a family member to co-sign. Needless to say this has not happened. My son's name is on the title. Does he have the right to take the car and sell it? What will this do to his credit if the car is repossessed? And--is there any other way for him to get his name off of this loan once and for all?


Asked on 7/22/08, 11:56 am

1 Answer from Attorneys
Nima Taradji Taradji Law Offices

Re: Co-Signor on Vehicle

If your son's name is on the title, your son then has the right to take the car and pay for it and use it. In any event, at this time, his credit is negatively affected since he owns a car that will be repossessed and his name is on a loan that is in default.

I suggest he contacts the attorney from the loan company and see whether he can arrange taking over the car and the payments once the car has been repossessed.

Good luck-

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Answered on 7/22/08, 3:09 pm


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