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Answered 2006-08-17 01:31:34
Only if the cosigner is also named on the vehicle title.
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Can the cosigner of a motorbike loan take possession of the bike if the primary borrower isn't making payments?
yes
Can a cosigner take the primary borrower to court to get possession of the car that the primary has made all the payments on and the car is insured and registered to the primary?
No.
Can a cosigner take the primary borrower to court to get possession of the car that the primary has not made all the payments?
If the cosignatory is willing to take over the payments, and the creditor agrees. But if the primary borrower rufuses to cede posession then yes.
Does a cosigner have the right to take possession of the car when the primary borrower has made all the payments and has not defaulted on the loan?
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
How can a co-buyer take possession of a truck when the primary borrower is not making the payments?
When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.
Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
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.
Can a cosigner take possession of a car if the primary signer is not paying the payments?
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.
Can your cosigner take your car if you have been making payments on time?
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.
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.
Is the cosigner the only one responsible on the loan?
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
If you are a cosigner on a vehicle loan and your name is listed on the title as OR then what rights do you have when the primary buyer defaults on payments?
You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.
Cosigner repo a vehicle?
If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.
If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Can a cosigner have a boat voluntarily repossessed?
NOT unless the payments are delinquent and the cosingnor has POSSESSION of the boat. Call the Lender and work it out.
Can a cosigner take posetion of furniture in the event of a default by the primary borrower?
Yes, if the co-signer takes over the payments they are entitled to chattel.
What if the primary borrower files bankruptcy is the cosigner still responsible for making payments on the vehicle Can the co-signer take their name off the vehicle?
A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.
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.
Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?
The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.
What are co-sinors rights?
A cosigner has a right to be released from the loan if the borrower has made on-time payments for 48 months. The borrower will need to sign a release form, however, the lender will have to agree to terms.
If a cosigner is forced to make payments on the loan because the borrower has defaulted can the car be confiscated from the borrower by the cosigner?
No. The car is not your property, nor do you have legal authority to sieze property. It would be considered grand theft. As a co-signer, you agreed to be just as legally liable for the debt as the borrower. That's why it's a good idea to NEVER co-sign ANYTHING.
Can the co-signer repossess a car deliquent in payments?
It wouldn't be a repossession, but if he has had to make the payments, he could sue the primary borrower and might get possession from the court.
Can the lending company sue the cosigner on an auto loan if borrower doesn't make payments?
Of course. That's what co-signers are agreeing to when they co-sign.
