Can i reposses the vehicle from my sister if the payments are up to date?

Question

How can I get the vehicle back to the company. I want the car I cosigned for my sister . How can I get it out my name.

Answer 1

Sounds to me like you can't do a thing with your sister.  You can go to the dealership and and ask them to reposses the car.  They will first demand payment from you since you are the legal cosigner.  If you refuse they may garnish your wages and etc.  You may have a problem with this one.  You can't get it out of your name unless it's payed off.

Answer 2

you cant!

Answer 3

If she is making payments on time...why would you want to take the car back and give it to the lienholder. Even a voluntary repossession would be bad on your credit personally because you cosigned.

Answer 4

Absolutely not, not even the lender can do that, she is fullfilling the terms of her contract.  She is also helping your credit.  Just because she is not doing well on the cell phone, doesn't give you the right to change this contract.

Answer 5

The only way to get your name off the loan as a co-signer is to pay off the loan. See if your sister can refinance the car using her own credit.

Answer 6

Of course not.  "Repossession" is something the lender, not the co-signer, can do if the payments are not made as promised.  Since the payments are up to date, they won't repossess.

You signed for your sister, saying essentially "If she misses a payment, come see me, I'll make it."  You have no ownership rights to the vehicle, you're only there to guarantee payment.  Once you co-sign, you're stuck until the loan is paid off.  You can call the lender and ask, but I doubt very much they will allow you to remove your guarantee of payment.

Answer 7

Notify the lender that you no longer wish to be responsible for the loan, if your sister has been making payments on time and has improved her credit score, they may oblige you. Or, if there is some other reason that she hasn't honored her contract, as lapse of insurance, etc., you may accelerate the loan or have the car taken away.