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.
i was able to get an auto loan with the help of a cosigner and im under 18
They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
No. You are only cosigner on the one vehicle you signed for. All bets are off once the car is traded.
Co-signers are only asked to help you qualify if you have not been approved for the auto loan.
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
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
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
Yes, you should get auto insurance coverage when you have a car loan, and even when you don't have a car loan. The law requires it either way anytime a motor vehicle is operated on public roads..
The answer will vary from state to state, loan to loan and insurance company to insurance company. However, in most jurisdictions the DRIVER is responsible for insurance, regardless of who owns/titles/leases the vehicle. If I understand your question, you are asking whether the principal on the loan or cosigner is responsible for insurance? Most insurance companies could give a rats donkey WHO carries insurance, so long as insurance meets the loans stipulations, but you would be best suited asking the insurance company.
Not under the standard auto insurance policy.
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
I am able to take a loan out against my vehicle and have a co-signer and was told by the bank that this does not mean that my co-signer can have my vehicle nor their name on the title but just that they get to repay the loan if I do not. I hope this leads you in some direction.
No. The cosigner would have to apply for a loan in their name using their credit, income data.
yes you can get a auto loan without a license but you can not get auto insurance with out one and you can't complete the loan closing without insurance.
A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
Only if you refinance the vehicle without the cosigner on the new loan.
Physical damage coverage on an auto policy says that the insurance company has the option of paying to repair, replace, or pay the actual cash value of the vehicle. In the case where the damage to a vehicle's cost to repair is more than the ACV of the vehicle the vehicle is totalled and the company will pay the ACV of the vehicle. Sometimes when you buy a new vehicle without much or any downpayment you quickly get "upside down" in the loan. As the value of the car depreciates, the loan balance doesn't fall nearly as fast. For the first couple of years you owe more than the value of the vehicle. The insurance company has nothing to do with auto loan. GAP insurance was created to cover the difference in the ACV of the vehicle and the loan payoff. You can buy GAP insurance from the finance company or bank that financed the vehicle or from your insurance company. Purchasing from the insurance is much less expensive and you can drop the coverage once the loan balance falls below the value of the vehicle.