You must make certain the person who has agreed to co-sign your loan understands they will be fully responsible for paying the debt if you default on the loan or if you die while the loan is outstanding. Their name should also be on the title to the car and the insurance so they can be notified if you don't pay the insurance or take the car over if you fail to pay and they must make the payments. Most people don't realize all the financial responsibility that comes from co-signing for another person's car loan. If the co-signer owns any real property it could become vulnerable to your creditor if you default on the loan.
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
IF YOU LEGALLY REMOVED THE COSIGNER FROM YOUR CAR LOAN,TITLE AND ALL. IT NOW BECOMES A CIVIL MATTER,WITH EVIDENCE ON HAND A LOCAL SHERIIFF'S MIGHT BE HELPFUL SINCE THEY HANDLE CIVIL MATTERS. I DON'T FORSEE ANY PROBLEMS IN ACQUIRING YOUR VEHICLE.
Possible fraud charges.
not if you make your payments like you should a cosigner is only called upon if you default on your loan
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
i was able to get an auto loan with the help of a cosigner and im under 18
A cosigner can attempt to sell the car at anytime. However, in order for them to sell it, they have to have the other signer's signature.
Something is not right here. If you are the primary, then why is the cosigner making payments and why does the cosigner have possession of the vehicle? The is back-wards of what it should be. And why in the world would you put the cosigners name on the title? You have a mess on your hands, because you went about this all wrong. You need to contact a lawyer ASAP.
Daughter and husband are getting divorce and she is the co-buyer can she take it out of state
yes.