Legal Question in Credit and Debt Law in Oklahoma
car
we co-signed for my niece to get a car, she got shot 2 weeks ago and we want to know our legal rights of giving the car back. will it go on our credit if we take it back to the dealership or what is the best way to handle this situation.
Asked on 4/24/07, 1:09 pm
1 Answer from Attorneys
Steve Chlouber
Fuller, Chlouber & Frizzell, L.L.P.
Re: car
If you give it back to the dealer, they may sell it and seek to collect the balance of the note. So, be sure that if you give it back, they lender cancels the note as satisfied in full. You may need to sell the vehicle in a private sale and apply the proceeds against the note. You have have to pay the balance of the note, if the lender does not write off the balance.
Answered on 4/24/07, 5:10 pm
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