Co signer up in arms

[unvus]

In 2003,my son came back from Iraq with a fist full of money in his bank account but did not have the albility to purchase a vehicle with out a co signer. He put a 10,000 dollar downpayment on this vehicle and I co signed the note. From 2003 through 2005 he had been late almost on every payment. Of course the bank was continuously calling me about the matter. Early in 2006, he was arrested and put in jail. The bank had recieved a partial payment from him prior to being arrested. The balance of the payment (not paid by him)was taken from my checking account by the bank holding the note. He Lives 800 miles from my home and we were concerned the bank would repossess the vehicle. My wife and I went and picked up the vehicle and have made every payment since Feb. of 06. Now he is wanting the vehicle back. There is still a balance due of over 9,000.00.
Do I have a legal leg to stand on. We fear he will not be able to pay the loan, the insurance or the up keep to maintain it properly. If he defaults on this loan I am financial bound to pay for it and if the bank decides to repossess it my credit rating will be damaged. NOt to mention if he is in an accident with no insurance it would wipe out everything my wife and I have worked for the last 30 years. Please help.......I am at my ropes end.

[Law200]

If you are also on the title you can keep it until he resolves this with you. If you are not on title you technically cannot keep it but can sue him in small claims or other court for the damages and costs you have incurred.

WLD lawyers could probably intervene if need be.