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    Joyceapr2011's Avatar
    Joyceapr2011 Posts: 2, Reputation: 1
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    #1

    Apr 5, 2011, 08:34 AM
    How the co-signer could obtain title of the car?
    Hi,I live in Toronto, Canada. My husband's roommate borrowed money from bank to purchase a car and asked my husband to act as a co-signer. Recently, he could not afford this repayment and moved to another province. He left the car in our apartment but did not leave any registration document and driver's licence. Now my husband has to make repayment for him monthly. We want to transfer the title of this car to us but we could not contact this guy any more and could not have any legal document. How we can do now?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Apr 5, 2011, 08:39 AM

    Hello J:

    I believe if you PAY the loan off at the bank, they'll issue the title to you. Hopefully, they listed you, not as simply a co-signer, but a co-owner. As an owner, you should be able to act unilaterally.

    excon
    Joyceapr2011's Avatar
    Joyceapr2011 Posts: 2, Reputation: 1
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    #3

    Apr 7, 2011, 07:02 AM
    Comment on excon's post
    Thanks! Unfortunately, I think my husband is just a co-signer, not a co-owner.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #4

    Apr 7, 2011, 08:51 AM

    Your husband only owns the debt, not the car. If he stops paying the bank can repo the car and sell it to pay the debt. Any money left can go to your husband, any debt left would also go to your husband. You will not get title unless you are the one who buys the car after the repo and it will be for far more money than is currently owed on the loan.
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