No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.
No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.
No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.
No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.
No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.
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.
No. You are the primary borrower and are honoring your financial obligation.
They should since they are just as responsible for making payments as the primary.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
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.
No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.
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.
No.
Only if the cosigner is also named on the vehicle title.
If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.
Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.