If I cosigned on a car, can I take it?

Answer by  tamarawilhite (17883)

You can only take it if you are also a co-owner on the deed. If you are a co-signer on the loan but are not on the title, you are legally obligated for the debt but have no rights to the car. This is why you should never cosign a loan without having a name on the title or deed.

Answer by  Roland27 (16334)

If you cosigned on a car and the person who is the main owner has failed on payments you can possibly go to court and get it if you're paying.

Answer by  epglaw (553)

If your name is on the title to the vehicle, yes you can take the vehicle. If you simply cosigned a loan, then you do not have any right to take the vehicle. Obtain a copy of the title from the motor vehicle service. If you name appears as a co-owner, then you have an equal right to the vehicle.

Answer by  tml (538)

Co-signing on a car means that you a committing to cover the payment on financing for a car purchase if the original borrower fails to make payment. It's a backup commitment of payment to protect the seller. It does not automatically transfer title of a car to you. You would need to include that term in the purchase contract.