Legal Question in Credit and Debt Law in Virginia

co-signor

If a person co-signs for another for a vehicle and the 1st person cannot make the payments what can the co-signor do to the 1st person?


Asked on 9/05/07, 2:26 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: co-signor

The co-signor can attempt to convince the primary borrower to have the vehicle sold and the loan(hopefully) paid off with the proceeds from the sale, or the co-signor could also persuade the primary borrower to sign the title over to him or her and the car would then become subject to the co-signor's sole ownership subject to the lender's lien.

Read more
Answered on 9/05/07, 2:39 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Virginia