ANSWERS: 3
  • If you are the consignor you have no rights to the vehicle. If you had to pay because the principle would not, you can sue to recover what you had to pay from the principle. If you get a judgment you may be able to get a lien on the vehicle. But you have no property interest for agreeing to cosign for a loan.
  • I don't think that you have any rights to the vehicle, by agreeing to be a cosigner you agreed to ensure that payments were made to the lender by the primary borrower. The lender doesn't care where the money to repay the loan comes from as long as they receive it and consequently the ownership of the property that the loan was held against is not affected by who repays the loan.
  • As the co-signer, you do not have rights to the vehicle. You can sue the the primary co-signer for any of the payments you made, but they would maintain ownership of the vehicle. If you are able to sit down with this person and make arrangements, MAKE SURE YOU GET IT IN WRITING AND YOU BOTH SIGN IT. This will give you leverage in the event they don't stick with their side of the agreement.

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