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If the co signers credit is going to be affected because of the lack of payments from the payee, and if the co signer is paying for the payments, then yes the car can be given over to the co signer, especially if the payee is not paying for the car that was agreed upon. check with the finance companies, and your local state, county laws.

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โˆ™ 2009-05-26 06:04:12
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Q: Can the cosigner repossess the car if the person is not making the payments?
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Related Questions

If the cosigner is on the title can they take vehicle if person is not making the payments?

Yes..... I did

Can a person in Texas repossess a car if she is making payments but is not on the car title and feels that she has already paid enough into the car?

Sure, you just lose the car.

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.

How does the cosigner get the car if the person driving it is not making the monthly payments?

The co-signor will have to make arrangements with the LENDER unless the co-signor is listed on the TITLE. In that case, go get the car.

Can a cosigner repossess the car?

No, only the lien holder of the car can repossess it. If the primary on the account can't make the payments, the co-signer becomes leggaly responsible for the debt. No. You have to go through the legal processes and sue for the car. If the primary owner of the car is not making payments and you can prove to the court that you have made the majority of the payments, then you may be able to get the car. You should never co-sign in the future, too much is at stake when you do. If your name is the only name on the registration, then you can take the car from the primary owner - call it in stolen if they refuse to give it up. Technically, the owner is the person on the registration - no matter who pays for the car.

When cosigning for a car and the person who is acquiring the car is the only one making payments whose name is the ownership of the car under?

the person making the payments is actually buying the car. it is illogical that a cosigner could claim any ownership rights, having paid nothing. the person having made the payments is the owner It depends on the title. If it is only your name then it is your's. If it is both names, then it belongs to both of you regardless of who pays.

If a person co-signed for another's car will the co-signer be taken if they file for bankruptcy?

Yes! The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour. If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.

How can you get out of cosigner even through you already cosigned?

Pay the loan off and then collect payments from the person you cosigned for.

Can a co signer sue the person who defaulted on the loan for the amount of the loan in question since the car was reposessed and that person is working and more than capable of making the payments?

Not likely. If you cosign then you are saying "I trust my credit in this person's hands." If the signer does not pay then it is the responsibility of the cosigner to take care of the payments.

How can the cosigner of a car immediately have possession of it after it was repossessed by the bank?

When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy

Do you have a right to take a car away if you are the cosigner?

Well if the original person that you co-signed with defaults on the payments and you are stuck with the payments, technically it is your vehicle and you can take the person to court and take control of the vehicle.

What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?

The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.

Does the credit of the cosigner gets affected if car is not paid?

Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.

If a person dies can you give car back to bank?

If the bank holds the loan, then yes. If the payments are stopped, the bank will repossess anyways.

If someone with poor credit bought a car with a relative as cosigner and the cosigner dies can the loan company call the loan or repossess the car if the other person continues to make payments?

In most cases the co-signer is in fact the borrower. I would think as long as you make the payments on time the lender will be o.k. with it, they usually want the money not the collateral back. I would read the finance contract(yes all the small print) there should be something stipulating the conditions for "due on demand". Hope thishelps.

If im making payments on your carand you have a co-signer when you pay the car off can the co-signer take the car?

No. A cosigner is basically a "lender of money." The cosigner is actually taking out the loan and is responsible for paying that debt off should the person the loan is for defaults. If you haven't missed any payments (more than two) and have paid the debt off then the car is yours to do as you want with it. Marcy

What legal options does a cosigner havewhen making a oral agreementt?

Oral agreement makes no difference to written since unenforceable, essentially loan is your in most states, other person only gets credit for payments made on time

If the co-signer do not have enough credit after being the co-signer half year for a car loan because of the co-singer lose the job What will happen to the co-signer?

AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)

Who is a drawer in a check?

the person making out a cheque and using it for payments

You are a cosigner on a car loan how can you prove the other person pays it if they make the payments directy to the bank in a cash payment?

Request monthly statement from bank

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.

The title holder has no job license or insurance as cosigner you are making payments what can you do to get possession of the car?

IF you are NOT on the TITLE, contact the lender, explain the deal and ask them to repo for you, take the buyer OFF the loan and let you take possession. That will NOT get the payments off you but will give you room to work. You are not the first person to have the problem and most lenders will ways to solve it.

What responsibility does a cosigner on an apartment lease have?

a cosigner is a person who is responsible for the rest of the rent that you don't pay if u get evicted the person who signed as a cosigner will have to go to court

Can a person sell a car and remain a lien holder till all the payments are made?

Yes, a person can sell a car and remain a lien holder until all the payments are made. This is done once in awhile and works well if you don't have to repossess your car.

Are orchard bank online payments legal?

Yes, Orchard Bank online payments are legal payments. Making online payments is faster, easier, and often more secure for both the person making the payment and the bank itself.