Car Loan Co Signing Risks

Summary

Co-signing a car loan can lead to financial and legal responsibilities. In New York, once you pay off the loan, you become the sole legal owner of the vehicle and can sell, transfer, or dispose of it. Consulting a local attorney is advisable for personalized advice.

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I co-signed for a car loan for my ex who is an addict . I got a certified letter saying that that car was at impound . I paid the balance of the car off today because I don’t want to be part of it . I’m having it towed to a mechanic to
Hello ****, I see you're in a tough situation. Could you please tell me your location? It will help me provide the most relevant legal information for your case.
East Amherst ny
Hello ****, in New York, once you have paid off the car loan:
- You become the sole legal owner of the vehicle
- You have the right to sell, transfer, or dispose of the vehicle as you see fit
Remember, it's advisable to consult with a local attorney for personalized advice.
Ok thank you
You're welcome, ****! If you have any other questions or need further legal information, feel free to ask. Don't forget, consulting with a local attorney is always a good step.
Will do thanks
Great, ****. Please, don't hesitate to reach out if you have more questions in the future. Remember, we're here to help. Good luck!