Legal Question in Real Estate Law in Missouri
Co-ownership of a vehicle
My partner and I bought a truck last Nov. This May we split up and he took the truck to California. He needed me to help buy it because his credit was not strong enough.
Is there any possible way for me
to remove myself (and thus protect my credit) from an ongoing truck loan? I have heard he cannot even legally register the vehicle in California without my consent, and once he does, since I no longer have possession of the vehicle, my obligation ends. Is that true?
Thank you!!!
1 Answer from Attorneys
Re: Co-ownership of a vehicle
No. If you signed a loan for the truck then you are still legally liable on that loan no matter who has possession of the truck. If your partner does not pay the creditor can sue you and obtain a Judgment against you if you do not pay. People should get legal advice and follow it before they get themselves into these situations.
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