Falling Behind on Truck Payments
The saying goes that “Possession is 90% of the law”. However, there are some cases in which there are circumstances that are going to have to push this law to the limit. It is hard to have an automobile that is yours at first and then paid for without your direct knowledge. There are some laws out there that are going to side with the owner of the title and registration. However, what happens when the cosigner paid off the loan and is demanding the car be returned to them? Such as situation is happening to Rob:
Rob had purchased a truck, with his father as co-signee. A few years later, Rob lost his job and fell behind on payments, so his father was forced to make payments to prevent the vehicle from getting repossessed. After bringing his balance to current, the lender was willing to work with him to reduce the payment amount. His father had agreed to help Rob catch up on the balance, but at the last minute changed his mind. Instead he made the full payment on the truck, then demanded Rob give him the vehicle. Rob agreed, and his father then asked for the title so he could sell it. This left Rob without transportation, and he had to walk to his new job. Since Rob’s father paid off the loan, must Rob just give him the title? What options does he have? If Rob demands he return me the truck, can his father take him to court and sue him? Rob’s current income could allow him to repay his father, albeit in small amounts. He could pay more quickly if he had a second job, but for that, he’d need a vehicle.
Rob may have to take this to court if he is refusing to give back your vehicle. There is no escaping that part. This will help Rob protect his right to demand that his father give you the car back. Some judges may rule in the favor of the one who has paid it off. The scary thing is, that if Rob’s father has receipts that he paid the amounts for the vehicle, he may be seen as the legal owner of the vehicle. There is also the chance that once the judge hears Rob’s plea that he wants to pay off the loan but needs a vehicle to get to the second job.
How to Prove Ownership of Your Vehicle
There are many issues that a person in this situation will run into. The best advice that I personally could give you is the fact that you need to:
- Have the title and registration – This proves that you own the car. When you have this piece of paper, 90% of the time, you are going to win your case. It is hard to judge whether they are going to go in your favor.
- Tell the judge everything – Don’t hold back when you go to court. You are going to simply tell the judge that you are going to be able to have the chance to pay off your debt and that you can only pay a little at a time. If the cosigner wants the money, he is going to have to accept a payment plan.
- Consider hiring a lawyer – When you go to court, you are going to have to make sure that things are going to flow nicely and not give you any headache that is going to cut you short. Hiring an attorney may help.
When you have the right laws on your side, you’re going to be able to have people get to the right part in their lawsuits. It is hard to think that you are going to have to go through all of it, but it can go 50/50 with the case. You have a 50% chance of getting your case heard and a 50% chance that you are going to have to give up your title. In a lot of cases, the judge is going to see your intensity of paying back a cosigner. However, the law states that who ever holds the title and registration of the vehicle, they are the rightful owner. However, a cosigner can asks for the money back if the case gets involved in the courts. You are going to have to research specifically the laws in your state that hit the right mark.