I need some advice...

[breezd]

Alright... here's my story...I purchased my Vibe a little over a week ago. I was unable to get the auto loan on my own, so the person that I am dating cosigned on the vehicle so that I could get it. Well within this week that I have owned the Vibe, things have taken a bad turn with the relationship and I want to break it off. Last night while we were fighting, they said "well I guess we are going to have to sell your car then". My question is, with the other person being the cosigner on the car loan, do they have any kind of rights to the vehicle? Their name is not on the Title, only mine (just got it in the mail today). As long as I keep up with the payments (which i'm going to do, i'm not screwing up my credit!!), is there anything they can really do?Thanks....

[02csnow]

no they cannot do anything. A cosigner is there just for back up on the payments. Is both of your names on the loan? If they are as long as one person is making the payments the loan is good. if they want to sell the car and one does not and it goes to court, if you are making the payments, the judge will see that and the car will fully become yours. your cosigner is just on your loan and not on the title.

[KNINE]

Just keep making the payments and you'll be fine. She was the one putting her but on the line.

[Vibr8tr]

You are safe. the WORST case scenario, if you stop making payments, it would hurt your credit, and they would take the vibe if she didn't pay... but she could never have the car taken from you. You are still the holder of the Vibe and the loan.... as the cosigner, all she says legally is she will make payments if you don't. So you are good. We know cause the Father in law is co signed for the wife's car. You are safe, just remember to make your payments.

[breezd]

I'm sure they they will be quick to call their lawyer. Since I have only had the car for a week, I haven't even made a payment on it yet. Both of our names is on the loan, but its only my name on the title. I don't want to lose or have to sell the car I bought a week ago. I am going to make the payments on the car, and as soon as I am able to, I need to have the cosigner removed from the loan...

[Whelan]

Problem Numero Uno here Quote, originally posted by breezd »so the person that I am dating cosigned on the vehicle so that I could get itNever, ever ever ever never ever do this. Only if your married or its your family. To me this is just bad news. My cousin got a bulldog with his gf of 3 years, well they split and the dog stays with her and he is out 3k cause of it. Stupid mistakes.The co-signer is simply legally responsibly for payments should you fail to be able to make them. Therefore her credit is potentially on the line. Your credit will suck first then hers will get hit if payments are not made. She can take legal action against this but I'm not sure what good it will do.One thing you should look into is going to a Credit Union or a bank, and regardless of the rate, get yourself your own loan to payoff the car. Then you get the title in your name, she is free from the loan and you can make payments to the bank. Start lookin and find one, its really the best solution you have. There is always someplace out there willing to loan cash. I hope you did learn a lesson about this though in relationships and things of this nature. BTW how old are you? If you couldn't have afforded the car or did not have enough credit for it, you also should have taken a hit and gotten a less expensive vehicle.P.S. - I did financing at the dealership from time to time and this scenario never works out, Never.Hell when I went to get my first car on my own, my 02 Civic, my parents would not co-sign for me, I had to do it on my own. I was able to get 3.9% (this was almost 5 years ago) through Sovereign Bank and since I got a good standing with them I was able to purchase my Trix with no problem!

[MAVibe]

A cosigner has no rights to ownership. They are simply a backup funding source should you fail to make payments. Plain and simple.

[breezd]

Quote, originally posted by Whelan »One thing you should look into is going to a Credit Union or a bank, and regardless of the rate, get yourself your own loan to payoff the car. Then you get the title in your name, she is free from the loan and you can make payments to the bank. Start lookin and find one, its really the best solution you have. There is always someplace out there willing to loan cash. I hope you did learn a lesson about this though in relationships and things of this nature. BTW how old are you? If you couldn't have afforded the car or did not have enough credit for it, you also should have taken a hit and gotten a less expensive vehicle.The Vibe is financed through a credit union already. I am going to have no problem making the payments on my own. If I could have gotten the loan on my own, I would have... but with a couple of credit card problems in the past, no one would give me a loan on a vehicle, no matter the cost. The grand total that I financed was 10,300, no money down on the Vibe. Yes, it was a stupid mistake on my part, being only 21 I guess I will just have to learn from my mistakes.