[guitarman2]

Just wondering if anyone would know this. I am thinking about co signing for a car loan for my daughter. She doesn't live with me. If for some reason she defaulted am I allowed to reposses? The call cosigning, cobuying. So if I'm cobuying I would think its mine as well. Especially if I have to pay the payments. I don't think there will be any problem. She's been paying car payments for years with out issue. Her husband had a bankruptcy years before they were married so it makes it hard for them to get credit. They keep going to this small dealer that overcharges.

 

[Chitmo]

Just wondering if anyone would know this. I am thinking about co signing for a car loan for my daughter. She doesn't live with me. If for some reason she defaulted am I allowed to reposses? The call cosigning, cobuying. So if I'm cobuying I would think its mine as well. Especially if I have to pay the payments. I don't think there will be any problem. She's been paying car payments for years with out issue. Her husband had a bankruptcy years before they were married so it makes it hard for them to get credit. They keep going to this small dealer that overcharges.

I can't answer your specific question. But I can say I declared bankruptcy about 15 years ago and can tell you that getting a car loan and a mortgage was not a problem... sounds like there may be another issue like debt/income ratios being too high or maybe hubby is hiding something. But that's just me speculating.

 

[JBFairthorne]

Unless you're the registered owner OR the leinholder I highly doubt you can legally repossess the car should she fail to make the payments. If you want to be able to repossess then you would need to take out the loan and be registered as the owner, then let her make the payments. When the car is paid off you sign it over to her.

 

[LanceT]

I just avoided co-signing for my son because I couldn't trust he'd make his payments. Instead, I lined him up with a broker I had connected with a few years ago and I figured if anyone could get my son approved, he could.
Voila, my son got his car and I avoided responsibility.

 

[keto]

No, you cannot repossess if in her name - you have no lien just because you are on the note. If you are jointly on the registration//title, you can drive it away but would still have to explain if the cops were called, they would call it a civil rather than criminal issue and likely leave unless violence or threats made etc.

If the lender repo’d it, they’d let you redeem it, (you’d still have a repo on your credit) but hopefully they’d call you for payments before it came to that. And just because you redeem it doesn’t make you the owner, if you’re not on the registration or title.

Source: I worked for Ford Credit for 10 years, and will hit 34 years in auto and equipment finance in March.

That doesn’t make me a lawyer, who you really need to ask if you have doubts.