Legal Question in Credit and Debt Law in Pennsylvania
''Co-Signer Rights''
I was a co-signer for a former girlfriend on the purchase of a new Honda CRV (2005). We have since broken up. I don't want to continue to pay for the car. If the car is re-possessed, can I then get the bank to take her name off the title, put my name ''exclusively'' on the title, and then start making payments on the car, if the bank agrees? Also, my name is already on the bill, so I guess, my name would also be on the title.
1 Answer from Attorneys
Re: ''Co-Signer Rights''
If the car is repossessed you won't have the credit rating to get the loan to do as you state.
When you co-signed the loan, you agreed to pay for the car if she fails to do so. If she fails to make payments you can go after the car, using an attorney. The car would then become yours subject to the outstanding loan. If the loan defaults and the car is repossessed by the bank you (and the girlfreind) remain liable for thefull value of the loan less the amount, if any, that the liquidator can get for the car at auction.
Do not let the car be repossessed.
Please feel free to arrange an appointment with me to discuss this or any other legal matter.
Roger Traversa
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