threatening to refinance the auto loan but we are both on the loan and title of the car!?
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hello, i have a question here. if two people are listed on the loan and the title of the auto loan, can one refinance the car or take the car w/o the other persons approval if two people are legally the owners? what if one is the co-signer?
this is what happened. we switched the names around on the loan so that i could get a better rate, therefore making me the co-signer. i will be making the payments on the car. he keeps telling me that he can take the car and refi or keep the car because he can make the payments on it. but both of our names are on the title and the loan but me as the co-signer on the loan. now hes threatening to refinance the loan and take the car back from me and i wanted to know if this was legal. where can i get some free legal advice incase he tries to get the car?
i guess i should add that nothing is past due. i make all the payments. the insurance is in my name which i dont think carries any weight. i think he’s just dangling it over my head that he could take it anytime for any reason
5 Comments on this post
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gamemanual said:
If both are listed as joint primary owner then both must agree, or one part must buy out the other share of the car.
if on the other hand one of the parties is only listed as a co-signer, thy only have right to the car if the other does not make payments on it. a co-signer is only some one who guaranties to pay the loan if the primary signer fails to do so.Like or Dislike:
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0December 28th, 2009 at 5:00 am -
via p said:
i have no idea, but i do question why people often don’t watch finances well enough to get into such trouble
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0 0December 28th, 2009 at 5:00 am -
oklatom said:
Depends on the way it’s worded on the loan and title. Joe Doe and Mary Smith. No. Both must approve any changes. Joe Doe OR Mary Smith, either may make changes.
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0 0December 28th, 2009 at 5:00 am -
philly_romantic said:
If both names are on the title, one person cannot refinance, sell, or take the car without the signature of the other. Unless, they forge the information….which is illegal.
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0 0December 28th, 2009 at 5:00 am -
cazethan said:
in most states,when they’re 2 people on the paperwork for either the loan or the vechile or both,then neither 1 can refinance the loan or sell the vechile without the other persons written permision/release( though people have tried to forge names/signatures before).
the loan can be paid off without the other person agreeing to it or even knowing about it,but the vehicle still cannot be sold or traded without the 2nd person alowing it.
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0 0December 28th, 2009 at 5:00 am
