Ownership

[Dumakey64]

A few months ago I signed a loan for a friend so he could buy a car. His credit is bad but he was able to cosign. Since then he is behind in the payments and not taking care of the car. Since I signed the loan, can I take the car? I don't want my credit ruined. He lives in Georgia and I live in Illinois. All the paperwork was done through the mail with the dealership.

 

[army judge]

No, you can't just take the car, unless your name is on title.
A cosigner's name rarely is on title.
Most cosigner's end up like you, with ruined credit, too.
Some pay the loan, then try to sue for their damages.
That's hard, because most of these people are deadbeats with very few assets.

Your other problem is distance.

I'd take all of my documents to a local lawyer and ask for a free evaluation of my situation.

The paperwork might offer you an out, if notarized documents weren't required.

Be prepared to pay (gifting this bum a car) or a long, futile legal fight. You'll probably prevail, it'll be expensive, and you'll never collect your judgment.

In the meantime, if you don't pay, your credit is ruined. If you do pay, your finances are ruined. But, he'll be driving around in his gifted car.

Sad, so don't loan anyone more than $5.00.
There are reasons deadbeats have been cut off by traditional lenders.

 

[Betty3]

There are so many times when loaning a friend/family member money or signing for a loan for a friend or family member do not work out. In most cases, it is best not to do so. Since you already did though, as suggested, you might try talking to a lawyer. The best of luck to you.