Can I take back a car I cosigned?

[KM2004]

Ok, it's not me, it's my wife. But she cosigned a car for her mother and now her mother doesn't pay for it (hasn't for months and months). Does anyone know if we have any legal right to take the car from her and give it to someone who will pay the monthly payments?

Thanks y'all

 

[ChristmasElf]

Why won't her Mother make the payments? If I had co signed on the loan, you better believe I would be taking it back and re selling it as your MIL is doing severe damage to your credit.

 

[KM2004]

Why won't her Mother make the payments? If I had co signed on the loan, you better believe I would be taking it back and re selling it as your MIL is doing severe damage to your credit.

She won't pay because she doesn't think she has to. She admits that she bore children so she wouldn't have to work anymore. Nice huh?

She didn't pay for a few months without telling us. This was at around the time we were applying for a mortgage so that didn't help. I had to shell out over $1000 just to pay those months off. She hasn't paid for the bill in about 6 months.

I'm trying to do research now on taking back the car but I figured to ask here in case I couldn't find anything.

 

[twoprincesses]

No, I do not think that is possible. What is possible, is if you talk your MIL into releasing you as her cosigner in writing. I saw this on the news last week. What a coincidence! What i do not know is if this applies to every state or varies???

 

[DVC-Don]

If it's titled to her, no. You just signed to make the payments should she fail to.

 

[tw1nsmom]

Maybe you could talk to the bank. They would know the laws in your area.

 

[kdibattista]

She hasn't paid for 6 months and it hasn't been repoed? That's sounds odd.

I hope everything works out

 

[Toby'sFriend]

MIL cannot release as a Co-signor of the loan -- the Loan holder has to do that, and if your MIL didn't make payments for 6 months, no way will they do that.

Whether or not you have rights to the car depends on how the Title is held. Most likely, it is held by your MIL and the bank. That is what you need to find out....whose name is on the Title?

Is the car worth the value of the loan or is she "upside down?"

 

[ElizaB39]

Cosigning usually means all the liability/responsibility and none of the benefits. for you.

 

[alliecats]

No offense (lol), but you have the worst mother-in-law EVER. So does she just come right out and say, "You have to pay for it"?

 

[ElizaB39]

Cosigning usually means all the liability/responsibility and none of the benefits. for you.

Also should have said, cosigning is agreeing to make the payments for the primary signer if they default, and they still get to keep the car. This can go on your credit report.

 

[jedi_librarian]

No advice here - just wanted to say I'm sorry that's happening - that just stinks. That's why I always think money+family = trouble!

My MIL has asked us to cosign stuff for her - no way.

 

[beckmrk04]

Also should have said, cosigning is agreeing to make the payments for the primary signer if they default, and they still get to keep the car. This can go on your credit report.

This DOES go on your credit report. My grandma co-signed for my irresponsible sister- bad idea!!! The only way she got out of it was that my sis traded in the car and bought a new one in her own name (no one was helping this time around!). You can pay the payments to avoid wrecking your credit (my sis's missed payments now show up on my Grandma's credit score) OR, call the bank and tell them to come and get it!

 

[jedi_librarian]

Being the librarian that I am, I looked up some articles for you:

http://www.bankrate.com/brm/news/debt/20030404a1.asp

http://www.lawyers.com/lawyers/A~1017166~LDS/COSIGNING+LOAN.html

Hope they help

 

[TCPluto]

You need to get an attorney. You'll have to file suit against her in civil court. The court can order her to turn the car over to you and you can than sell it to satisfy the debt.

Good luck.

 

[KM2004]

Being the librarian that I am, I looked up some articles for you:

http://www.bankrate.com/brm/news/debt/20030404a1.asp

http://www.lawyers.com/lawyers/A~1017166~LDS/COSIGNING+LOAN.html

Hope they help

Thanks!!

 

[KM2004]

No offense (lol), but you have the worst mother-in-law EVER. So does she just come right out and say, "You have to pay for it"?

Don't I know it

I'm sure there's an IN-Law thread somewhere around here....I can write a book.

 

[KM2004]

Thanks everyone for your support. Yeah, my wife's credit is pretty bad cause of this women.

It really upsets me knowing that this woman just doesn't care what happens to her daughter's credit. She puts her astrology and dating service bills over paying her car. It's absolutely ridiculous. We've talked to her but she just won't change.

Anyway, thanks everyone.