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i co-sighned a car loan ,like a fool to a friend . he lost his job and dissapeard the car. i paid it in?
DO I HAVE ANY RECOURSE AT ALL ,OR SHOULD I JUST SUCK UP THE 20 GRAND ?
I DONT KNOW WHER HE TOOK THE CAR ?
i paid it off ,and now im out 20000 ?
they sent me the title ,yet it sais OR and his name ?
7 Answers
- Anonymous1 decade agoFavorite Answer
If you cosigned on the loan, Your name should be on the title as well as his. It should also be on the registration. With that said, It is your car too. Get a key, drive it to the dealer and sell it back and hopefully your not out too much if any money once the loan is paid.
- Anonymous1 decade ago
I doubt that title is updated if you paid off the vehicle.
That is, it seems only you should be shown as owner.
Take your documents to DMV and ask them if the title is the updated one.
For that much money, you might wana consider a lawyer at some point, maybe soon considering the insurance issue.
- Anonymous1 decade ago
Hire a repo man to find & take the car.
Once you get it, keep it or sell it because he has every right to take it back as long as his name is on the title.
If he went a long way away, it could be expensive.
And all repo firms might not want to deal with such situation.
You got what you signed up for. Live & learn.
I would have asked the bank to repo it, then give it to me. Too late now.
- Anonymous1 decade ago
Consider this an act of kindness...because, that is what you signed up for if he did not make his payments.
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