Legal Question in Credit and Debt Law in Oklahoma

Cosigner on auto loan

I recently bought an automobile in Oklahoma City, my mother cosigned the loan. I paid a one thousand dollar deposit and drove the vehicle for a few weeks. I then wanted to leave the state so she took posession of the vehicle and is letting someone else drive it. My name is still on this loan, I have no idea where the car is and I now can not get another loan due to the fact I am still on this loan. The police can not do anything either.


Asked on 12/14/08, 5:11 pm

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: Cosigner on auto loan

You need to get the loan paid off. Creditors look at debt to income ratio and the amount of the monthly payment versus your income. There has been nothing illegal done, in fact, you may have violated your terms on the contract by allowing your mom to rent the car to someone else.

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Answered on 12/15/08, 9:52 am


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