really need some advice please

[Anonymous]

Hello, I need some advice as to how to help my daughter. 

She carelessly co signed on a car for her now EX boyfriend.

He is consistently late on payments and she would like to take possesion

of the car.

Is that at all possible??

Is there any recourse we can take??

thanks so much

[laz98]

I think it's very important to know whether her name is on the title or not.  If not, I don't think she has any legal right to the vehicle, but I'm not sure.  I think she would just be on the hook for the payments, as she made the mistake of cosigning.

[Anonymous]

If she cosigned, then her name should be on the title, because she is the default payee if he fails to make payments, so I would think there would be some way to take posession of the vehicle...I would call the bank they financed with and see.

[pizzadude]

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@laz98 wrote:

I think it's very important to know whether her name is on the title or not.  If not, I don't think she has any legal right to the vehicle, but I'm not sure.  I think she would just be on the hook for the payments, as she made the mistake of cosigning.

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+1.   Hopefully she is on the title, and if so perhaps you can work out a deal to sell the car and pay off the loan.   As a co~signer, she is responsible for the loan, and unfortunately it will continue to damage her credit further if the late payments continue.    How much is left on the loan now ?

[Anonymous]

I agree with the previous posters. I just hope she really understands the severity of her co-signing. It might have been in good faith at the time, but it's definitely costing her now.