Legal Question in Credit and Debt Law in New Jersey

You can pay off the loan. Otherwise, both the original obligor and the cosigner remain liable. If you pay the loan, it does not automatically give you title to whatever underlying property was purchased with the loan. It still belongs to the other party. See: http://info.corbettlaw.net/cosign.htm

See also: http://info.corbettlaw.net/lawguru.htm