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papabear1 · Jan 12, 2009, 01:00 PM

I have a family member who took an auto loan with her boyfriend in New Jersey but resides in New York. She is the main borrower and he is the co-signer. He took the car which is registered under his name. Both are on the title from what I have read. However, he is the only one on the registration and insurance. He is making the payments but usually behind 60 days each payment. She wants the car back to return the vehicle or possibly sell it if the bank will not take it back.

What is the main borrowers rights in this situation?
Any information would be greatly appreciated.

Thank you

stevetcg · Jan 12, 2009, 01:38 PM

The main borrower (and cosignee) both have a responsibility to make the payments on time. They are both on the title so both are entitled to the car. Who drives it and who makes the payments are not the concern of the lienholder.

Basically your family member is screwed. Neither can sell the car without the other's permission and both are responsible for the payments.

As an aside - why would the bank want to take it back? They will repo it and hold her responsible for the cost differential. You cannot just give it back. They deal in money, not property.

papabear1 · Jan 12, 2009, 09:57 PM

Basically that is what I said. As for the bank it was suggested she ask them if they would take the car back. Actually the dealer suggested she take this approach also they provided her with a master key to override the system. They informed her she is the primary borrower and is entitled to take it back. Hopefully this is correct.

Too often when a question is asked, very little detail is given.

This is why I mentioned everything that has been said or suggested. Better to be detailed when asking for help than to leave any information out.

this8384 · Jan 14, 2009, 01:34 PM

Originally Posted by stevetcg

Neither can sell the car without the other's permission...

Partially true. If the two names are separated by "or" and not "and" then she can resell the car without his permission. All depends on how the paperwork was filled out.

Fr_Chuck · Jan 14, 2009, 03:43 PM

If she is not on the title, being on the loan does not give them any rights to the car. So who is on the title not who registered it, what is the wording on the title.

If she is not on the title, she can not take the car, since she is not the actual owner.