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Can the primary signer of a car take it away from co-signer if all the payments were made and up to date by co-signer?
Wiki User
∙ 12y ago
NO
Wiki User
∙ 12y ago
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Can a primary co signer take the car from the secondary co signer?
can a primary co signer take the car away from a secondary co signer
What happens when the signer of a car loan passes away and there is a cosigner as well?
The Cosigned assumes full responsibility of the loan.
Can a cosigner take away your car even though payments are not delinquent?
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.
My bfs mom is the primary on his car and he is the cosigner They haven't been getting along so she threatens to take away the car Can she do this and what is the easiest way to get out of the loan?
The easiest way to get out of a loan is to pay it off. The bank required whatever signatures are presently on the loan in order to guarantee the payments. It won't let a co-signer remove his name. If your friend has been making all the payments himself then perhaps he could refinance the loan in his own name.
Can a cosigner take the car away from the borrower without permission from the borrower By towing it or using the second key to take the vehicle?
A co-signer is not an owner of the car. As such, the co-signer cannot take the car away from the borrower without the borrower's permission.
If you have a cosigner on a vechicle can they take your vehicle away because he is mad at you?
Yes if his anger is due to your not making payments. Otherwise NO.
Can co signer take car if the payments are being made on time?
If I'm a buyer and I want to keep the automobile, can the co-signer take it away if all the payments has been made. I put the down payment on the truck and the insurance in my name.
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.
Can a co-signer take the car away from the primary driver?
The automobile's title/registration determines the legal owner of the vehicle. Loan documents only concern the signer's legal responsibilities with the bank. If both names are on the title and you as primary are not paying on the loan then it is the responsibility of the co-signer to pay the loan. Since the the co-signer is still co-owner, and they are paying then the co-signer can take the car away. Remember this is affecting the co-signer's credit as well as your credit.
If you have a car that everything is in your name but the loan says your the co-signer and now the buyers are making payments what are your rights and theirs to that car and can they take the car?
You are confusing me. If everything is in your name, how can you be the co-signer and not the primary borrower, and where did the "buyers" come in? Are you, perhaps 16-17 years old and your parents took away your driving privileges?
Is a cosigner responsible for a debt if the signer has missed more than three payments?
When you co-sign a loan, you are promising to pay off the loan in the event the primary borrower isn't able to. When you co-sign a loan, that loan appears on your own credit history too. (As such, it may limit your own ability to get a loan for yourself. For example, while you may co-sign a loan for a friend's car, you may not be able to get a loan for your own car afterwards. ) So, YES, as the co-signer you will be responsible for any missed payments by the primary borrower. After three missed payments the bank may not pursue you right away, they may continue attempting to get a payment from the primary borrower. However, some banks in some states contact the co-signer after only the first missed payment. While the time period or the bank's exact process may vary, if the primary borrower is missing payments, then it's only a matter of time before the bank does require you to pay. Several studies I have read show that close to 75% of co-signed loans go into default at some point and end up being paid by the co-signer. After all, that is exactly what you are promising to do when you sign on the dotted line. Good luck!
Can a cosigner on a car loan take the vehicle away from the person if they changed their mind about being a co-signer?
No. A co-signer has no legal rights to the property. They are responsible for the debt incurred until the terms of the lending agreement are fulfilled or refinanced without their participation.
