HomeCan a cosigner repossess a car?
Wiki User
2015-07-14 16:05:42
2015-07-14 16:05:42
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>
Related Questions
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.
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