Anyone is allowed to sue anyone in this day and age, however, the point of having a co-signer is because the primary borrower may not have a credit profile strong enough to get a loan on their own.
When suing someone, the goal is to get paid - if the primary borrower did not have enough money or enough credit strength to get a loan, what, exactly, will the co-signer sue them to get?
So yes, a co-signer may sue the primary borrower, however, unless circumstances have changed massively since the shared loan was signed, there will be nothing for the co-signer to go after. Depending on the amount of the loan you can sue in small claims court or a higher civil court.
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.
Not really, no. You can sue him for damages, but ... that takes time. And maybe there is not much to collect anyway.
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
The cosigner did not have a contract with the primary borrower, only with the lender; that being the case the cosigner would sue for his or her financial losses not for a breach of contract.
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
Yes, the cosigner can sue the primary borrower if they can prove the money paid on the exisitng loan was a loan to the borrower and the person had knowledge of and agreed to the action.
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.
Not really, no. You can sue him for damages, but ... that takes time. And maybe there is not much to collect anyway.
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.