QUESTION

I cosigned a loan for a vehicle and the person is not making payments. Can I get the car back from that person?

Asked on Nov 06th, 2017 on General Practice - New York
More details to this question:
Can I take a car back from someone that I cosigned for if they do not make payments
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2 ANSWERS

Estate Planning Attorney serving New York, NY
1 Award
Not unless you are on the title or registration.
Answered on Nov 11th, 2017 at 3:08 PM

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Appellate Practice Attorney serving New York, NY
Unless you have a contract which allows you to take possession of the vehicle in this situation (which I very much doubt since the lender would never have allowed it), no.  You can sue the defaulting party for any damages you suffer from their failure to make the payments (i.e. the money you have to pay the lender as a cosigner on the loan) and, if you win, obtain a judgment.  If you obtain a judgment and the debtor doesn't pay it, you can follow collection procedures, including causing the car to be sold to pay the judgment, and, if you are the high bidder at the sale, you can be the buyer without paying any cash, just having your bid deducted from your judgment.
Answered on Nov 07th, 2017 at 2:07 PM

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