Dear Customer,Unfortunately there is very little that you can do legally to protect yourself proactively at this time.By co-signing the loan, you agreed to be "jointly and severally liable" for the debt - this means the creditor can pursue you, your co-signer, or both of you, for the entire amount of the loan.Assuming that your co-borrower defaults on the loan (so the lender actually has to pursue collections action), and they decide to pursue you instead of him, you can file what is called a "cross-complaint" against him for contribution in which you request a judgment requiring him to pay for half the loan. Furthermore, as he has possession
of the truck, you can ask that the court issue a judgment under its "equitable" authority requiring him to reimburse you for the full value of the loan (pay you for your half as well) under a theory called "quantum meruit". (But understand, this is only to reimburse you for the debt that you owe to the creditor, it does nothing to relieve that pri***** *****ability).Without an ownership
agreement between you and your co-signer/co-borrower, there is nothing to require that the vehicle be shared. (The lender is not going to enforce any sharing under any agreement or judgment, that is not their job and they do not have any authority to do so). A court can only enforce a contractual agreement for joint ownership - so if you had agreed to a joint ownership of the vehicle, you could enforce that in court. But based on what you posted here, that does not appear to apply.However, what you can try is mediation - contact your local bar association and ask for referrals to local mediators. What appears to be going on is that your co-borrower is simply refusing to find a new lender (either because the rates are too high, or he is simply too lazy to do so), and is holding this over you. Trying to work this out with a third party neutral to facilitate a resolution is probably going to be your best option at this point.