Posted: Fri Jun 13, 2008 3:41 am Post subject: co-signing of a truck
My husband co-signed for a truck that my stepson paid for a while and now he has taken off not to be seen or heard from. The company has called countless times and left numberous messages. We have not made any payments yet, but feel that we will not be able to hold them off forever. They are trying to find him and the truck now. Do we have to pay for the truck if we do not get it back, and if we have too can we report the truck stolen?
Janice _________________ Register Now to have your Insurance queries solved.
You won't be able to report is stolen as the person who has it is the owner. You can and probably will be held responsible for the payments on the vehicle. This is what "co-signing" means. It's spelled out in the contract that your husband read before he signed the dotted line.
Sucks....but if you don't make the payments, the bank is going to come after the one person they can find...your husband...and MAKE him pay the note...not to mention what this will do to your credit (if you don't pay)...anyway you all can find the boy and get the truck back into your possession? I'd call the bank, and be as helpful as possible in trying to locate it...another thing to think (worry) about is, you might want to make sure that his ins policy on this truck is paid and stays paid...if he wrecks/totals it, or worse hurts another person/property and there is no insurance on it, your husband more than likely will be on the hook as a co-owner of the truck as well...I'd hate to see you all having to pay all of that on top of the truck note! And let's face it, the kid is MIA and has nothing....your husband is easy to find, and has a deeper pocket...so that's where everyone is going to go for the money! Please keep this policy enforce for your own protection..until you can find this truck and get it to the bank...(p.s. as a parent, I'm so sorry you all are dealing with this...it must be heartbreaking ) _________________ **************************************
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Posted: Sat Nov 01, 2008 6:19 am Post subject: Rights!
Does a co-signer have equal rights as the owner on the vehicle once the vehicle is paid off? _________________ Register Now to have your Insurance queries solved.
Does a co-signer have equal rights as the owner on the vehicle once the vehicle is paid off?
That depends...were they just a co signer to the note or are they a co-owner? Look at the title for this information...if they are a true co OWNER then yes they have equal rights and RESPONSIBLITY if just the note then no, once the note is satisfied, then the co-signed's rights and responsbilitys are over/done... _________________ **************************************
Life gaurantees a chance NOT a fair shake
**************************************
FIND a way EVERY day to lighten the load of another
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