Legal Question in Credit and Debt Law in New York

I am a co-signer on an auto loan. The debtor has stopped paying for his debt. I am listed on the title as co-owner. If I pay off the loan can I repossess the vehicle. I am in NY state. What are my options?


Asked on 1/27/14, 6:53 am

1 Answer from Attorneys
Kevin Connolly Kevin J. Connolly

Yes, if you pay off the loan make sure yu receive an assignment of the note and security agreement: you take omver the lender's rights and can enforce the lien. BUT MAKE SURE YOU GET AN ASSIGNMENT, NOT A SATISFACTION. I can help you and you'd be surprised to see how inexpensive a lawyer can be. [email protected]/5162421453

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Answered on 2/04/14, 9:44 am


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