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CalAttorney2
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10238
Experience:  Civil litigation attorney for individuals and businesses.
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I have a truck note with NOFCCU and I'm the primary signer

Customer Question

I have a truck note with NOFCCU and I'm the primary signer on the loan. My ex fin is the cosigner and he has the truck. Recently we have separated and I'm trying to get him to refin the loan.
However, he states he is not able to refin the loan at this time.
My concerns is if he stop paying on the loan or fall behind on payments can I suit him for the truck.
Can I legally request a judgment to force him to share the truck with me at this time.
Ex: He has the truck for 30 days and I have it for 30 days.
Also, can I obtain legal judgment that will be honor by NOFCU stating that he will be
responsible for loan if he is not going to refin it.
Pls advise on what legal steps I can take to protect my interest in this situation.
Thank you,
Dede
Submitted: 9 months ago.
Category: Legal
Expert:  CalAttorney2 replied 9 months ago.
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.
Customer: replied 9 months ago.
Thank you
Expert:  CalAttorney2 replied 9 months ago.
You are welcome, and I do wish you the best with this matter.Thank you for using our forum, and please do not forget to rate my service so that I can receive credit for assisting you.If you would like to direct future questions to me specifically, you can do so by starting your new question with "For William B. Esq." and a moderator will notify me.Thank you again, and again I wish you the best.Bill