Is the co-signer of a loan entitled to whatever was purchased if he takes over the payments?

My fiance co signed a loan for his parents, and his parent's are two months late on the payments. They bought a $1,000 tv, a washer and dryer, and a kitchen table. They still have a balance of over $100, and now it's my fiance's responsibility to take over the payments before it goes to collections. We do not have very much money considering we just found out today that his parents stole $300 from us that my fiance trusted them with. If my fiance takes over the payments to the furniture store, will he be entitled to the furniture that was bought? & also, can we return the furniture directly to the store to pay off the debt?