Q: I live in Texas, I cosigned an auto loan. My name is 1st on all documents. Can I take possession if other party defaults
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A: In Texas, if you are the primary borrower and your name appears first on all documents for a cosigned auto loan, you may have certain rights if the other party defaults on the loan. As a cosigner, you are typically responsible for the debt if the primary borrower fails to make payments. If the other party defaults and you wish to take possession of the vehicle, you may need to follow the procedures outlined in the loan agreement and consult with the lender. Depending on the terms of the loan and the lender's policies, you may have the option to bring the account current, refinance the loan, or explore other solutions to address the default. It's important to carefully review the loan agreement and communicate with the lender to understand your rights and options in the specific circumstances of your situation.
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