Legal Question in Consumer Law in Virginia

co-signer for a car loan

My husband co-signed for our son on a car loan in Feb. 2008. Our son is not paying the creditor on time. In fact, he is almost a month late now on the Mayl payment. We want to take the car away from him and trade it in with my car to get one car for me, and let him go buy a car with cash, with what he was going to pay the payment with. We need to be free and clear of our son. He told us that this time would be different and he would not let us down. Well, that's not happening! We just had to pay his car insurance and another payment for him. Yes, I know we have stupid written on our foreheads. He is our son and some times it's hard to say ''no''. Can we take the car without his permission and trade it in as i said before? My husband is on the loan as a second owner of the car. Do we need our son to do this, or his signature? Also, do we need to keep him on our insurance to make sure he has insurance, since my husband is a co-owner of the car?

Thank you for your help.

ALGR


Asked on 6/03/08, 11:43 am

2 Answers from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: co-signer for a car loan

Assuming that your son is not listed on the title

for the vehicle, his signature should not be required for anything that your husband might attempt to do in disposing of the vehicle, including selling it.

If your husband is determined to sell the vehicle, he will need to first pay of the lender in order to secure clear title in his name only.

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Answered on 6/03/08, 12:00 pm
Michael Hendrickson Law Office Michael E. Hendrickson

Re: co-signer for a car loan

Another typo: answer should read "pay off" the lender in order to...

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Answered on 6/04/08, 9:16 am


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