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The primary buyer on your car died and you were cosigner. Can the estate make you take her name off the car loan and do you have to give car back or can you keep it?
Wiki User
∙ 11y ago
If grandmother was the sole signatory on the car loan, and there are payments still remaining at the time of her death, then the Estate will be required to satisfy the loan amount. Regardless of who is awarded the car, the loan must still be paid off in order to gain total ownership of the vehicle. The loan company holds the "Title" in their vaults until the loan is paid off.
To remove her name off the loan, you might have to refinance the loan, which may result in a higher interest rate. At any rate, the loan company needs to be apprised of the death immediately, and they may be able to help you through the processes required to re-align the loan into your name.
Another perspective: You haven't disclosed the name on the certificate of title for the car. Generally, if the car is in your name (you said it was your car) and you keep making the loan payments, you shouldn't encounter any problems. The estate representative cannot make you take anyone's name off the loan because you don't have that power but they can notify the bank that the cosigner has died. If the car is titled in the other person's name then you have a problem.
You have not included enough detail to get a definitive response. You should consult with an attorney.
Wiki User
∙ 11y ago
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Who has to have insurance on the car the cosigner or the buyer?
You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.
Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
Should a co signer be told if something they signed for is getting repoed?
No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.
Back out of car contract not signed by primary buyer but only by secondairy buyer?
If your question is "can the contract be null and void" if signed only by the primary buyer and not by the co-signer? Depends. If the contract is in both names-yes. If the contract is typed up "only" in the buyer name-no. If the loan is conditioned to both signing, yes.
Im a primary borrower on a loan n i had2 have a cosigner to get my car. i have made several payments on my carnthe cosigner had told me tht he had the car sold hes now got the not makein payments?
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.
What can I do if the buyer of real estate does not close on the closing date?
The Seller can Cancel the real estate and sell to some one Else and put it back on the market or if the seller wants to wait then he/she can extend the closing date.
If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
How can a primary buyer on an auto loan have it charged off then come after the the co-signer?
After the charge off how can some one come back and recharge you?
Can a buyer change his mind about purchasing real estate?
In Florida residential real estate deals, there are "kick out" clauses written into a purchase contract and/or addendums to the contract that give the buyer the right to walk away from the deal and get his deposit back in full within a certain amount of days. But once those deadlines have passed, the buyer runs the risk of losing his deposit money if he walks or being sued for specific performance for possibly the entire purchase price amount. If that is the case, consult a real estate attorney.
If the primary owner of a car files for bankruptcy and it is discharged and the car is back with the company will the co-signer be liable for the payment?
The cosigner will be the person who will be held responsible for paying any deficiency depending upon when the BK was filed. If the BK was filed under the new bankruptcy reform laws the cosigner can be held responsible for the entire amount of the loan.
What if your cosigner died and your car was repoed can you get it back without paying the price of the car?
NO
Does breaking a lease hurt cosigners credit?
That is why the cosigner is there. To back up the contract if you bail.
