What recourse do I have if the person I co-signed for, defaults on the loan? Can I put a lien on the car title? What other options do I have? I live in Pa.
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{ 7 comments… read them below or add one }
None.
The lender has the lien.
If you have a written side contract you could sue them but if they don’t pay their car note are they really going to pay a judgment ?
You got what you signed up for…all of the downside with no upside.
If you had demanded ahead of time to be put down as 2nd lienholder that would have given you some protection. Then again, the lender might not have agreed to that.
The only way to take possession as 2nd lienholder would have been to pay off the first lienholder, then get the title and then you could repo the car. (Assuming you have a valid contract giving yourself that right)
If the person you co-signed for defaults on the loan, you get to make the payments. That’s what you signed up for when you co-signed. If you don’t pay, you both go down.
You cannot do anything. The bank still owns the car… not you. I would not co-sign for anyone especially if you are worried about them defaulting. By co-signing you are putting your good name out there for someone not credit worthy.
The reason the bank required a co-signer is because the applicant couldn’t afford the loan. I’m sorry, but you’ll probably end up buying this person that car as a gift for them.
Never ever co-sign anything ever, under any circumstances.
If he defaults you pay for the car, either by surrendering your collateral, or paying the payments.. that is what you signed up for…
Your option after that is to sue your friend…..
If the other party defaults on the payments it becomes your responsibility to pay. You can’t put a lien on yourself.
You have no other options. You make the payments or take the hit on your credit score for being late and defaulting on the loan.
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