Re: Co-signer on auto loan-what rights do we have?
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Posted by Kaye
(64.197.152.118) on October 20, 2002 at 19:19:22:
In Reply to: Re: Co-signer on auto loan-what rights do we have? posted by Pete on October 20, 2002 at 18:51:40:
The truck is registered to both the company as well as my husband, both names appear on the title as well as the registration and loan (when the loan was done, the company had no credit). I think we got sucked into this one. Luckily, we do have posession of the other truck (the first one that he did this on), but the payments have been made on time for 2 years now with no problems, but it is a cheaper truck and my husband has made positive that they were paid. What gets me is that the partner promised that the payment had been made & then we found out the hard way that they hadn't. We had tried to refinance while he was still a partner so that he could sign for the company as well, but because of the credit towards that truck, we couldn't get it done. The DMV did tell us that the partner as well as my husband both had equal rights to the truck. The police department said that it "wouldn't be illegal" to remove the tags from the truck so that it wasn't driveable since my husband is the one that actually signed for the license plates. We have contemplated that since we are insuring the trucks. I think we've learned a hard lesson with this! :0)
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