0
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>
Add your answer:
Earn +20 pts
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Can you as cosigner repossess your child's car when payments aren't made?
ONLY if your name is on the TITLE as co-owner or leinholder can you "repo" the car.
Does the lender on a car loan have to notify the cosigner before they repossess the car in TN?
They should since they are just as responsible for making payments as the primary.
Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?
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.
Will a bank repossess a car from co signer if primary goes bankrupt?
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.
What is Texas law on repossession procedures?
Can the police repossess your car? Can the police repossess your car?
Does a cosigner have rights to the car even when its paid off?
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.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Will my car be taken if my cosigner dies?
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.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
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.
Can your daughter be on your car insurance if you are not cosigner on her car loan?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
