Legal Question in Credit and Debt Law in Iowa

Co-Signer On Loan

I have co-signed for a ex-friend to get a vehical. He is not paying for it and I dont want my credit to go bad. Can I go get the vehical and take over the payment (he is 4 months behind) and not have to worry about him taking it. What if anything can I do? What can I do legally to get the vehical? Please help i was yound and dumb at the time.


Asked on 6/23/08, 1:46 pm

2 Answers from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Co-Signer On Loan

Are you on the title to the vehicle? Just because you co-signed on the loan, you are not necessarily an owner. If the payments are not made, your credit will be affected adversely.

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Answered on 6/23/08, 2:13 pm
David Anderson Anderson Business Law LLC

Re: Co-Signer On Loan

Keep the payments current and have an atty send him a Demand Letter.Follow up with a suit for Claim and Delivery.

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Answered on 6/23/08, 2:13 pm


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