You can take possession ONLY if your name is on the TITLE. Otherwise, you should contact the OWNER(primary borrower) and attempt to work something out to get possesion AND talk to the LENDER about putting the loan in your name ONLY. Dont mess with it if your name is NOT on the title.
BEFORE I SAY ANYTHING, DONT COSIGN FOR ANYONE. IT RESULTS IN UNNECESSARY GRIEF AND STRAINED RELATIONSHIPS.
The documents that the lender has you sign is to protect them, not you. You need to have a side contract that states that what your rights are if the primary buyer defaults. I would have the primary buyer and the lender agree that you can purchase the loan contract from the lender for the remaining balance and can excercise all the rights of the bank. In that document, you should also take a second lien in the collateral. Lastly do not rely upon or act upon anything I have said here before consulting your own attorney.
<a href="http://repo.net/ourqualifications.htm" tagged="_blank"> Your Freind,
Don - The Cynical Patriot</a>
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
ONLY if your name is on the TITLE as co-owner or leinholder can you "repo" the car.
They should since they are just as responsible for making payments as the primary.
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.
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
Can the police repossess your car? Can the police repossess your car?
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.
Not as long as you make your payments on time. A co-signer guarantees that you will pay your loan off. If your co-signer dies and you don't make your payments the lender will repossess the car and go after you for any deficiencies.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
No. You are the primary borrower and are honoring your financial obligation.
Possible fraud charges.
I'm sure you won't like this answer, but only the lender can repossess the collateral. If the cosigner is also a co-owner and listed on the title, he could insist on taking his turn driving the car. But essentially, the only right a cosigner has is the "right" to make the payments if the primary borrower does not.
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
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.
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.
Hey Hun, if you do not make the payments they will come to repossess your car.
No. The lienholder is the only entity with a right to repossess.
A cosigner can attempt to sell the car at anytime. However, in order for them to sell it, they have to have the other signer's signature.
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?
Yes, the finance company can repossess the car from the body shop. They would likely wait for the car to be fixed before they repossess the car.
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
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.)
She needs to contact the lender and make sure the payments are made. If not they will repossess the car and she will be responsible for the loan balance after they sell the car. She also needs to contact a lawyer and see what her rights are in her state.