Car title - What if other person on the title does not want to sign off?

Question

I co-sign for my ex a car loan about 2 years ago. He had been making the payments on time until last June, he just stopped paying. Since I was afraid of my credit getting ruined, I sent in a check to cover for that June payment. The total loan amount was about 7K left. I couldn't communicate to him, so I came and talked to his parents. They agreed to pay that loan, but I would put my money down to pay off the loan first, then they would make the payment to me little by little since they didn't have 7K at one time (they gave me 3K first, and the rest of about 4K, they would try to pay back later), and I agreed - all in verbal. I'm going to get the title from the bank in about a week, and plan to sign over to my ex's name in order to get my name off the the title. What if he doesn't want to sign on the title (on the seller's as well as buyer's spaces)? What can I do then? He has been driving the car since the beginning, and now I'm very afraid the car is not currently insured. Thx all.

Answer 1

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Answer 2

Once you get the title (make sure that the title is sent to your address) your best bet is to take the title to your DMV office and tell them what you want to have done. It will depend on how the titled (Mary and Tom) or (Mary or Tom). They will be able to instruct you as to your options. You may be able to just sign off the title and begin the transfer into his parents name or his name.

His parents should get him to finish the transfer (his signature) since they are getting him out of this jam. The DMV can place a release of liability on your behalf. If you get a good clerk, they will be your best source of options.