Legal Question in Credit and Debt Law in New York
car loan
a few years back i got talked into co signing for a car for my then boyfriend, the loan and car are actually in my name because my credit was better, he is the cosigner. for the past few years he has made the payments, often late, and drove the vehicle. he is currently a month late and givig me the run around about paying. is there anything i can do to protect my credit. can i legally take the car from him even though i have never made a payment? any suggestions on how to get out of this mess there are still 31 months left on the loan
1 Answer from Attorneys
Re: car loan
Q. can i legally take the car from him even though i have never made a payment?
A. Title of the car is in your name. Possession of the car is with him. There is an agreement that he makes payment while having possession of the vehicle. Therefore, should the boyfriend fail to make payment of the vehicle, as per your agreement, you should be able to legally re-take possession.
Mike.
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