[moonlite]

Hi- I'm trying to help a family member who got his credit ruined as a result of the economic situation. He wants to buy a car and I expressed my willingness to co-sign with him - or he can't get it. He seems to be doing OK now and all indications he will be able to keep his word and make his monthly payments. But I want to have a plan B. If he dafaults on the loan, I want to be able to keep my good name by either selling the car or just claiming it all to myself by removing his name altogether and take over the payments. Is there a way to do that once his name is on the laon as a co-owner ? Can I go around that by having him sign a statement to give me full authority to do anything I see fit if I determine that he can no longer pay for the car or is about to default on the loan ? Many thanks.

[Fr_Chuck]

First just being on the loan only makes you a co borrower, if you co sign on the loan that does not put you on the loan.

If you want complete control, you buy the car, and let him make payments to you, if he does not pay, you just go get it.

Only other choice, you get a non revolkable power of attorney from him giving you the right to sell or control the car.

But honestly, you will have to make the payments if he does not, and normally he gets to keep the car and you are just stuck,

That is why ALL money people tell you never, NEVER, N E V E R sign for someone else