Q: Long story. I cos-sign for a car. Some how they switched ot to make me principle buyer. Car payment 2 1/2 months behind
No tax paid since car was bought. Caused a stop fee on my dmv record. No insurance on vehicle and tags is no good since February 2023. Loan company said I can do a volunteer repo bust I must bring it in. The other signer refuse. What can I do please help.
A:
In Virginia, if you find yourself incorrectly listed as the principal buyer on a car loan you cosigned, you should first review the loan agreement and any related documents to understand how this change occurred. If there's evidence of a mistake or fraudulent activity, you may need to dispute this with the lender and possibly seek legal recourse. Regarding the overdue payments and lack of insurance, as the principal buyer, you are likely responsible for these obligations, which can impact your credit and legal standing.
Since the other signer is refusing to cooperate, voluntary repossession might be a viable option, but it can negatively affect your credit score. You should directly communicate with the loan company to explore all options and consequences. It might also be beneficial to consult with an attorney to assess your legal options, especially if there's a dispute about the terms of the loan agreement. Acting quickly is important to prevent further financial and legal complications. An attorney can guide you through the process and help protect your interests.
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