So I made the mistake of co-signing for someone that isn’t making payments or even attempting to make payments. The car is registered to both of us, so I was thinking, what if I get them to pick me up and then when they get out, I jump in the driver seat and leave? Would that be illegal? I don’t know what else to do. They won’t give me the car back so I can make the payments myself, and I’m sure not going to pay it while they keep it.
-
Is your alternative just letting it be repossessed?– George WhiteOct 18, 2019 at 3:50
-
2Even if it is legal, they can do the same thing to you... You agreed to be on the hook financially, that's exactly what will happen regardless of who has physical possession. Might want to look at doing a voluntary repo and then negotiate with the bank. Don't ever cosign for anyone.– Ron BeyerOct 18, 2019 at 3:54
-
3To address a comment the OP made on an answer: "I understand I’m financially responsible and I’m willing to make payments once the car is in my possession." Unfortunately this is not what you agreed to. The bank will come after you for payment, and you will be obligated to pay, even though you don't have physical possession. You don't technically have the right to say that "you'll pay for it when it is in your possession", you agreed to be financially responsible independent of possession.– Ron BeyerOct 18, 2019 at 15:49
-
Juristiction (state in the United States... Otherwise a general city or political division and your nation will suffice. If the other party lives in another state or political subdivision, also list that too.).– hszmvOct 18, 2019 at 16:38
-
1Usually posted on money.stackexchange.com: Never, ever, ever cosign for a loan. If you have the money, and you are willing to give them the money, give them the money. If you don't have the money, or you are not willing to give them the money, don't give them the money. But NEVER cosign.– gnasher729Sep 22, 2021 at 12:32
Add a comment
|
2 Answers
You certainly can't legally steal anything, ever. If it is legal, it is not stealing. In particular, if it is your property, it isn't stealing.
The question is really, "is it your property"? This will be jurisdiction dependant. I am familiar with England and Wales, and other common law jurisdictions may be similar.
The fact you co-signed for the car definitely does not make it your property. It just means that out of the goodness of your heart, you agreed to reduce the finance company's risk by promising to pay if your ex-friend didn't.
In E&W, I don't think it is possible to register a car jointly, but there is a long page explaining that the registered keeper is not necessarily the owner of the car.
My guess is that the car probably does not belong to you, so if you take it you will probably end up with a conviction for theft.
answered Oct 18, 2019 at 8:26
-
A bit to the party, but in E&W one definitely steal their own property from someone who has "possession and control" of it. See R v Turner (No 2) (1971) 1 WLR 901– user35069Sep 23, 2021 at 5:37
A car's registration and its title are separate documents. What matters here is the one that indicates who owns the car. That's the title. In slang, the term "pink slip" refers to the the title (and to other things in other contexts).
Most states allow a car to be titled to two or more owners and, when it is collateral for a loan, a lienholder.
Most states allow a car to be registered to two or more registrants.
Does your friend know that a repossessed car sold at auction will go for as little as half of what it would sell for in the used car market? That's relevant because the lienholder can order him or her to pay the difference between the auction selling price and the amount still owed is still owed? On top of that will be piled plus any towing, storage and auction fees. So there is no relief gained by letting the car be repossessed. It's more costly than staying current with payments but rather than the greater expense someone how improving the experience of ownership, it goes hand-in-hand with the termination of ownership.
-
"possession is 9/10th of ownership" - and a lien needs to be paid off before a car can be sold by the owning party normally - otherwise it is generally sold by the party owed money to recover the lien and the difference neeeds to be paid. Also, there can be several liens on a vehicle, especially mechanic liens.– TrishSep 23, 2021 at 9:56