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NO! He is only guaranteeing the loan. He has no legal right to take the car.

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โˆ™ 2005-09-03 15:58:19
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Q: Can a cosigner take the vehicle even if no payments are late?
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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.


Can your vehicle be repossessed for late payments?

Obvious answer, Yes.


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.


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.


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.


Can a vehicle be reposessed for late fees on the loan?

It depends on how many times you've been late on vehicle payments. Most of the time though as long as you are making a payment of some kind on the loan your vehicle will not be repossessed.


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?


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.


You have paid your car payments but have late fees can they repossess the car?

Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.


How can a person get a no money down mortgage if they have bad credit?

This is a very unlikely scenario. Firstly, the individual must attempt to clean up their credit by raising their credit score- or by having a cosigner who is willing to accept all responsibilities of late payments and non-payments.


What effect does a student loan have on a cosigner and the cosigners credit?

When you cosign on a loan, you are liable for payment of that loan if the other person does not make payments. Any late payments and other negatives will be reflected on your credit report. The debt will be included in your debt-to-income ratio. If the person makes all payments on time, it could actually help your credit score. Usually, it's the other way around, though. Bottom line: as a cosigner, you are treated as a signer.


Can the lien holder repo my truck when payments and insurance are current?

They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.


If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?

Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.


What is the legal process to repo a car in TN?

You need to have a lien on the vehicle and reasonable cause to repo it, whether it be late payments, risk of losing the vehicle in impound, etc.


If a mortgage payment is 20 days late will that be reported to the credit bureaus?

Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.


How do you know if your lender bought your mortgage as a bad debt?

Perhaps if they bought it after you defaulted or had a history of late or missed payments.Perhaps if they bought it after you defaulted or had a history of late or missed payments.Perhaps if they bought it after you defaulted or had a history of late or missed payments.Perhaps if they bought it after you defaulted or had a history of late or missed payments.


Will the insurance company accept your claim on a vehicle that is stolen if your late on your car payments?

They will accept almost any claim, paying it is another matter.


Will being a cosigner for an auto loan show up on your credit report?

yes it will, as a co-signer you are held just as responsible as the primary loan holder and it will appear on your credit report no matter if the payments are made on time or if they are late.


When the primary owner is deceased and has life insurance on the loan and disability on the loan is the estate involved or does the cosigner just take over the payments?

If you have credit life on the loan, you should be able to supply the insurance company with a death certificate as well as with their claims form. Your purchasing dealership may help you. The insurance will not pay any late payments due prior to the death of the insured. In order to avoid problems, continue to make payments until they pay off the vehicle. The loan institution will refund all overpayments.


What are your options if your car was repossessed by your cosigner even though you have never been late on your payments?

Were you in DEFAULT of any other part of the loan contract?? INS?? Illegal activity?? ect??? If not, you have equal rights to the car. You can repo it back, let them keep it(probably best) OR call a local attorney for state specific laws.


If you are paying half of your car payment can they still repossess it?

My best suggestion is to contact your auto lender, and ask them the procedure for repossesions. Keep in mind that the bank can reposses your vehicle if you are 60 days late on your payments even if you attempt to only make half of your payments. Call them as soon as possible and work out a payment plan with them.