Only if the loan has been paid off.
I had this very same instance come up and the police were called. They told me that as long as the payments were being made and you have proof of you making the payments on time, the cosigner has to leg to stand on when trying to take the car. So NO your cosigner can not take the car.
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.
You have very few rights. You agreed to pay for a car that is not yours. Your name can only come off the contract IF the finance company agrees, and they have no reason to agree.
According to the law, a cosigner signs for someone else that they think might not pay off the load. The cosigner signs a contract agreeing to pay the loan off if the other person does not. He can be solely responsible becase he signs a contract promising to do so.
I'am a cosigner on the car that I'am driving. I have the title but it is in my ex-husband's name and mine. Will the DMV in Mississippi let me register the car if he is not present?
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.
As long as its in HER NAME on the TITLE, you better have a loan contract showing the car as collateral before you 'take" it.
With your good credit you sign a contract to pay off the loan if the original borrower defaults.
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
It depends on what the title says. The title can say "The owner of the vehicle is Name 1 or Name 2." If the title says this then the cosigner has limited rights to get the car. Whoever has the vehicle can sell the car without the cosigners signature. Now if the cosigner has the car, the cosigner can sell the car without the main owners signature. If the title states Name 1 and Name 2, then you have same rights as the main owner of the car. This means if Name 1 trys to sell it, they can't sell it without your signature.
The only way to be relieved from cosigning obligations is for the primary borrower to refinance the vehicle. And no, if the person's name is not on the car title they have no ownership rights.
IF her name is NOT on the TITLE or loan, it is YOUR car and you can take possession of your car. Be SURE she doesnt have a contract with you.
No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.No, not unless your name is on the title.
If you owe money on a car loan or are a cosigner for a car loan, yes.
If your name is on the title, you can take the car. Just make sure he didn't re-titled it after the split.
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.
Probably not. You, like the primary party, signed a contract as an independednt, free-thinking adult. It is assumed under the eyes of the law that you knew what your were getting into. You are as bound by contract law as the primary.
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.
No. Y-THINK-Y * Ordinarily a cosigner would not be liable for anything other than the lending agreement. However, responsibilities incurred by all parties when a vehicle is under lease can be quite different than the purchasing a vehicle. It would be prudent for the cosigner to read the leasing contract very carefully and perhaps seek legal advice if they are unsure of the terms of the contract.
No, the buyers remorse law does not apply to the purchase of a new or used vehicle.
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.
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.