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Ely, Counselor at Law
Category: Legal
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Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I co-signed on a vehicle loan. The co-owner has possession

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I co-signed on a vehicle loan. The co-owner has possession of the vehicle and will not/can not make the payments. If I'm able to get possession of the vehicle, can I voluntarily surrender it, or does surrender require consent of both owners?
Submitted: 6 months ago.
Category: Legal
Expert:  Ely replied 6 months ago.
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms. I am sorry to hear about this situation. Voluntary surrender requires both owners to surrender it. But if it is not being paid on, and a co-owner delivers it to the lender, the lender would simply likely take it in and treat it as a repossession. The only reason that the lender has not repossessed the vehicle yet is likely because it is expensive and the lender would take a loss, so the lender is waiting to see if the owner(s) would make payment after all. If the vehicles "comes to them" and the loan is behind, the lender will likely treat it as a repossession without needing to actually repossess. I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

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