Legal Question in Civil Litigation in Louisiana
I am lead owner on a vehicle that I purchased for my ex who is the co-signer. What can I do to make sure that IF he defaults and the vehicle gets reposessed I can be assured that he will have some responsibility for it as well. He has been paying the car notes from the beginning and its his. Will a notarized agreement between he and I stating that if he lets it default and a judgement is made against me that he will take responsibility for the debt, be sufficient enough to ensure that I am not gonna be totally held liable by the finance company.
1 Answer from Attorneys
If he defaults and the collection company comes after you, you can legally seek reimbursement from him. Given the facts you stated, I think any court would award you a judgment against him in the amount you are forced to pay.
A notarized agreement stating that he agrees to reimbursement would also be a good idea, if you can get him to sign it.
None of that will have any effect on the rights of the lender, though. There is nothing you can do to keep them from coming after you if he defaults. All you can get is reimbursement from him.
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