Only if the cosigner is also named on the vehicle title.
If the cosignatory is willing to take over the payments, and the creditor agrees. But if the primary borrower rufuses to cede posession then yes.
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Something is not right here. If you are the primary, then why is the cosigner making payments and why does the cosigner have possession of the vehicle? The is back-wards of what it should be. And why in the world would you put the cosigners name on the title? You have a mess on your hands, because you went about this all wrong. You need to contact a lawyer ASAP.
Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.
No. You are the primary borrower and are honoring your financial obligation.