Don't co-sign unless you're going to co-own

Dear Terry,
I co-signed a car loan for my boyfriend. We parted because of domestic violence and I have a restraining order against him. He is behind on the car payments and the bank is starting repo procedures. I would like to get the car, get the payments up to date and continue to make the payments on time. Can I hire a repo company to get the car for me, as he will not give it to me? The bank said if they repossess the car I must pay the entire loan off, not just get it up to date. Can you help me?
-- Mona

Dear Mona,
The big question here is whether your name is on the title to the car as owner or co-owner. You can co-sign a loan and not have a legal interest in the car. If that's the case with your ex-boyfriend, you may not have any rights to take possession of the car. If you are listed as an owner or co-owner, you have some ownership rights. You need to contact a lawyer to see where you stand.

If you're ever tempted to get into bed financially with someone that is not your spouse, make sure the title is in both your names. It may not make things easy if the relationship goes bad, but you at least will have legal standing to protect your interests.

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If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter