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Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?
Wiki User
∙ 18y ago
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.
Wiki User
∙ 18y ago
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If your cosigner defaults on other loans but you are making your payments can they repossess your vehicle?
No. You are the primary borrower and are honoring your financial obligation.
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Can the cosigner demand that the car remain in the same state where he or she resides?
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.
Does a cosigner have rights to a vehicle?
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
Is the cosigner of a vehicle liable if the it gets repossessed?
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
Is it better for a person considering cosigning on an auto loan to be a co-buyer versus cosigner?
Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.
Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?
Only if the cosigner is also named on the vehicle title.
Does the cosigner have to pay the bill for vehicle if the primary borrower doesnt pay?
Yes!
Can a cosigner repossess the car if other party is unable to pay?
Co signer does not have the right of subrogation. ( the power to recoup the losses). His agreement is only with the lender who will demand payment in case the principal borrower fails to pay. He has to honour the agreement. If he pays to the lender, he can have a legal remedy through court and can repossess the vehicle only if the court orders so. ( This is on an assumption that there is no agreement entered into between the principal borrower and the cosigner. Even if there is an agreement it can be enforced through a court only.)
Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
