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.
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.
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.
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.
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.
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.
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.
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
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! :)
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.
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.
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