cosigner to a defaulting loan

[Lzanutto]

I agreed to help a "friend" out. He didnt have a car and couldnt get to work, so I said I'd cosign for a small amount to help him get a car. I told him I would not help him pay for- just give him the means of getting the money. He basically pestered me for all my info, forged my name on the papers and when I found out it was time to get the cash, found out he took out 7K instead of like 2k. I told him from the very begining he better not screw up and not pay cause I wasnt going to pay for him- I was simply there to make it happen. He stopped paying after the second month. Turned off his phone so I cant call him after I repeatedly did and told him he needs to pay or Im taking his car. Emailed him, myspaced him...and his mother..told them all he needs to pay cause Im not going to. SOoooo...Ive been paying it for the past months, Do I have legal right to take the car without it being registered to me, and how would I do it- this is in CA.

 

[Theresagail]

Depends if the title is in your name too? You had a legal right to report fraud, who was the witness at loan closing? if you never signed how could he have signed for you? -- I would get in touch with that company ASAP and let them know that signature was not yours--- however, you have now done payments, showing that you knew about the loan etc..You need to take tot he lein holder and get a copy of the title

 

[lwpat]

By making payments you have probably ratified the loan. You have no rights to the vehicle unless your name is also on the title even if you make all the payments. Expensive lesson.