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Co-signer on auto loan-what rights do we have?
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Posted by Kaye
(64.197.152.94) on October 20, 2002 at 14:40:48:
My husband was a co-owner in a corporation with a relative. He in turn ended up co-signing for 2 trucks, the last one being a very expensive one that the partner is driving. The co-signing is not with the Partner, but is in the corporation's name. The partner insisted that they buy this truck and he, personally, would make the payments. We would get a past-due notice once in a while for just being a few days late, and he would guarantee that he had made the payments, but actually he hadn't. He has basically ruined the company to the point of which it can not make the payment either. In the year since the vehicle was purchased we have had about 5 late (30 and 60 day late) appear on my husbands credit report, this in turn has ruined his credit. My husband is no longer a partner or officer for this company, but the partner still has the truck. We are pretty sure that the payments won't be made by him, like normal. We have even had to put the vehicles on our insurance policy because he let the corporations lapse. What rights does my husband have to this vehicle if it doesn't get paid for by the partner/company? We are not wanting any further credit problems and have suggested we take the truck and pay for it until we can sell it, to no avail. He will not part with it. Our DMV office could only tell me that it is 50/50 that the partner has just as much right to the truck as we do since the company name is on the loan (even though the company did not have ANY credit to get this truck with)The partner's NAME is nowhere on the loan or registration, just the company and my husband's name etc. Sorry this is so long. We are in the state of VA. Any help would be appreciative.
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