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
By co-signing the loan, they are guaranteeing that you will repay the loan. They do not need to be on the auto insurance policy, but it would be in their best interest.
The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.
They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
i was able to get an auto loan with the help of a cosigner and im under 18
No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.
No. The cosigner would have to apply for a loan in their name using their credit, income data.
Co-signers are only asked to help you qualify if you have not been approved for the auto loan.
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
A cosigner- someone who agreesto pay the loan if you default
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.