I CoSigned A Car Loan for my Fiancee And...?

[TygerLily]

I co-signed for a car loan for my fiance and during the signing realized that his name is in the co-sign position on the loan docs while my name is the owner.When I mentioned this to the loan processor, at the car dealership, he shrugged it off like it was no big deal. In the meantime, I'm going crazy. Do I own this car? Who is responsible? Is he the co-signer on his car? What happens in case of a default? I admit that I am a little more than a little confused.Thanks! .

[Info_Please]

I believe that the owner will be the one that registers the car with the state, but to be sure call up the DMV.

[rogueryche]

If you're name is on the loan as the owner, it's yours - regardless. That's how the legal system will see it. If the bank approved your fiance' for the car then I suggest you get in touch with the bank that's doing the financing and explain to them what happened. If it's a reputable bank they will want the loan paperwork to be in order. Also if they think he is the co-signer and you make the payments, he won't get the benefit to his credit if the loan is in your name. I always love how car dealerships think legalities such as the correct signature in the correct place is "no big deal".

[gail]

the name on title is what counts for owner; but sence one or the other is co-signer both are responsibile for payment. if purchaser defaults the co-signer is responsibile to pay. if car is repoed it is reported as bad credit on both signers. that is the meaning of cosigner if buyer can't or don't pay u r agreeing to accept and pick up payments. but never the less all paper work should be corrected for ur own protection and credit. get corrected ASAP.

[LuckyLavs]

Contracts of suretyship usually are for the seller's benefit--to have recourse in case the purchaser defaults on payment, and they can't collect from the purchaser -- they can then go after the co-signer.If you were the co-signer instead of the Purchaser, you'd still have to worry about payments. I don't see a whole lot of difference there. But I'm not sure about title to the car though. I imagine that would be in one parties name, probably the Purchaser's. But it really depends on what the contract says. It is possible to take title as joint tenants; more likely the contract calls for title to pass to one party.