How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Chris T., JD Your Own Question
Chris T., JD
Chris T., JD, Attorney
Category: Legal
Satisfied Customers: 4779
Experience:  Experienced in both state and federal court.
45002201
Type Your Legal Question Here...
Chris T., JD is online now
A new question is answered every 9 seconds

I cosigned a car loan for my nephew it is now 3 months behind

This answer was rated:

I cosigned a car loan for my nephew it is now 3 months behind can I reposes this car legally and finish paying for it

TexLawyer :

Good afternoon. I'll be assisting you with your question.

Customer:

Hello

TexLawyer :

How much is owed on the vehicle?

Customer:

5000.00

Customer:

I really didn't know I was the co signer since Capitol One said no to me and told me I was denied. They even sent me a letter but unfortunately I didn't keep it.

TexLawyer :

OK. A cosigner of a loan does have certain rights in the same way as the original creditor does (in your case, Capitol One).

Customer:

What do you mean

TexLawyer :

You are entitled to notice from the seller of these rights, which include:

TexLawyer :


  • your right to redeem the car and when you can do it




  • if the creditor is selling the car at a private sale, the date of the sale




  • if the creditor is selling the car at an auction, the date, time and location of the sale, and




  • a calculation of the deficiency balance (or surplus, if applicable), including a description of fees and charges.



Customer:

so I can go get the car and finish paying for it and keep it myself

TexLawyer :

At some point, yes. Once the loan gets a certain amount behind, Capitol One is required to give you notice of when your right to repossession arises. At that point, you can repossess it.

Customer:

That's what .I needed to know thank you very much for your help

Chris T., JD and 5 other Legal Specialists are ready to help you