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NO! He is only guaranteeing the loan. He has no legal right to take the car.
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∙ 18y ago
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If a car is in your name as the primary but your cosigner has been making payment for the last year and many of those payments have been paid late can you legally take that car from the cosigner?
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.
Does a lender have to notifiy the cosigner of late payments?
NOPE! sadly they don't even have to tell you they repoed or are going to repo. the unit. This includes houses, Good rule, DO NOT COSIGN.
If you are a cosigner on a vehicle loan and your name is listed on the title as OR then what rights do you have when the primary buyer defaults on payments?
You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.
Can your vehicle be repossessed for late payments?
Obvious answer, Yes.
What are the rights of a cosigner?
A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.
What is the most repossessed vehicle?
Ones on which the owners are late on the payments. :-)
If you are late on a auto loan can you still trade that vehicle in?
Late payments will be deducted from trade-in value
What is the most commonly repossessed vehicle?
Ones on which the owners are late on the payments. :-)
Is it legal to repossess a vehicle for late fees and not regular vehicle payments?
Yes. Any amounts owing.
Is the cosigner of a private student loan hindered from getting other loans?
The cosigner of a private student loan can and will be hindered if late payments occur. Another downside to said cosigner, that is if they are in school, just like most everything else they best have the money to cover these loans in some type of colateral.
If you made a couple of late payments on your apartment will this affect your cosigner's credit rating?
Yes, If the co-signer gets "dinged" on the credit report just like they where the signer
If you have taken out a loan with someone cosigning and end up being late on payments and the cosigner having to pick up the tab will this hurt your credit rating?
VERY much so, not to mention your relationship with the co-signor.
