Legal Question in Civil Litigation in Texas
What rights does my co-signer have?
I bought a car from Carmax about five months ago.I traded in my old car as the down payment. I have terrible credit so a friend of mine co-signed for me. The title reads ''my name or and then his name.'' For example,--name removed--Smith or Edward Doe.'' I have been making all the payments and have never been late, I am actually a month ahead as far as the payments go.
The co-signer and I had a verbal agreement that if we ever had a falling out I would continue to make the monthly payments. Well, we had a falling out and now he has called twice and left messages on my answering machine (which I have saved) threatening to take my car. He has no key to it, although I am sure there is a way for him to get one, or he could find me and tow it.
My question is, what rights does he have to the car? Can he just come to my house and take it? Me re-financing it is not possible, because I have such horrible credit and I don't have anyone else to co-sign. So please tell me what options I have and what rights he has to the car. I am in Tennessee.
1 Answer from Attorneys
Re: What rights does my co-signer have?
Your co-signer has a duty to make financial payments if you default, but he does not have the right to repossess the car from you -- just as you would not have that right if he possessed it. He could petition a court to quiet the title of the car, but until he gets court approval, he cannot legally take the law into his own hands and seize your car. That would be the tort of theft and conversion. http://mikeguth.com/prose.htm
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