How Do I Repossess a Vehicle That I Am the Cosigner On?

People who can't qualify for a car loan due to bad credit or no credit history may ask someone with a good credit history to co-sign the loan. Co-signing can be dangerous because the actions of another person can affect your credit history. If the person skips or misses a payment, your credit score can drop. If you co-signed a loan for someone, and she begins to default on the payments, you can take possession of the car as long as your name is on the title.

Instructions

1

Contact your Department of Motor Vehicles to see if you're able to acquire full ownership of the car and the procedure for your state. Ask questions regarding the car title. As co-owner of the car, you can possibly take back the car and have the other person's name removed. This can happen if your name is listed first on the car title.

2

Discuss options with the other owner. A repossession by the vehicle lender will hurt both your credit scores. Persuade the person to give up ownership to avoid a repossession on his credit record.

3

Contact the car lender. If you plan to take back the car and continue making the payments, speak with the auto lender and mention your plans to remove the other person's name from the car title and loan. The vehicle lender will need to approve and likely create new loan documentations for you to sign, as well as prepare paperwork for the other owner to sign.

4

Approach the other owner and have him sign the necessary documents provided by the auto lender to transfer ownership. Resubmit these documents to the lender after receiving the signature. Once you're the full owner of the vehicle, the DMV will send you a new car registration.