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Car with a co-signer being the the primary owner how can you get there name of and just have your name on the car?
Wiki User
∙ 14y ago
If their name is on the Certificate of Title they would need to sign over the title to you. You would need to submit the Title to your state Department of Motor Vehicles so that it can issue a new Certificate of Title in your name as sole owner.
Wiki User
∙ 14y ago
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If car is paid in full does the primary owner need co-owner to sell car?
If the other owner is on the title then they are needed. If the other individual was just a cosigner on the loan then they are not needed to sell the vehichle. This information should be on the back of the vehichle's title.
Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
Can a person take a car out of state without permission of cosigner?
No they can not because then the cosinger can report te car being stolen. YES YOU CAN AS LONG AS YOU ARE THE PRIMARY OWNER OF THE VEHICLE. THE COSIGNER IS JUST A PERSON WHO HAS MADE AN AGREEMENT WITH THE BANK THAT IF FOR SOME REASON YOU SHOULD DEFAULT ON THE LOAN THE BANK CAN PURSUE THE COSIGNER. BECAUSE THE COSIGNER PRESUMABLY HAS BETTER CREDIT AND STRONGER WORK HISTORY, THUS THE ABILITY TO REPAY THE LOAN. OF COURSE YOU HAVE TO BE OF AGE AND FOLLOW ALL OF THE LAWS WHEN DRIVING.
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
If the primary owner is involved in an accident can the cosigner be held liable for personal or property damage?
I am not an attorney but to my understanding, yes they can!! The other party just has to prove your at fault. For instance, you co-signed which allowed the primary to get the vehicle which did the damage without you the primary couldn't of gotten the loan and therefore it is your fault. The only way you might not be at fault is if you are not named as a registered owner of the vehicle.
Does a cosigner need good credit?
A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
Can a cosigner sue the primary for the full amount of loan when the cosigner pays it off?
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
If you get a cosigner for a new car and you crash it can they be held responsible?
If you're insured, the insurance company should take care of the damages, but to answer your question: You're responsible just for the car payments in case the primary owner can't make them.
Does the person who cosigned for you have the right to take a vehicle even if the payments ARE being made on time?
no It depends. Is the cosigner on the title as co-owner? If so, they can take the car whenever they want.If they aren't, well, it's just plain car theft if they do. In other words if you are both on the title and the loan paperwork then both your butts are on the line financially and it's a civial matter if one of you wants the car over the other. But both of you have legal right of access so the police will not make an arrest or intervene if both parties can prove ownership.
Why is your name on a car title as being the owner of the car if you only cosigned for it?
Your name is on the title of a car just even if you just co-signed for it because that is what co-signing means: you are the co-signer on the loan. The first person signs the loan, which means that he or she is the owner. If they had signed it by themselves, they would be sole owner. A co-signer is like a "co" anything; co-meaning together. Cohabitate, Cooperate...etc. Generally cosigners do not have a vested interest in the secured property and therefore they are not placed on the title. A cosigner makes a binding legal agreement that they are responsible for repayment of the loan if the primary borrower defaults. The cosigner does not have legal rights to the property including a vehicle. Unless the primary borrower requested the cosigner be placed on the title it is an error and should be corrected as soon as possible to prevent future problems with receiving a clear title once the loan is paid.
Can you switch the cosigner to the primary and the primary to a cosigner?
It depends on the policy of the finance company. I used to work in the auto finance business, and the companies that I worked for would not do it because there was no reason to. Technically speaking, the co-signer is fully liable for the loan, just like the primary signer, so whose name appeared first on the contract had nothing to do with anything.
Will being a cosigner for an auto loan show up on your credit report?
yes it will, as a co-signer you are held just as responsible as the primary loan holder and it will appear on your credit report no matter if the payments are made on time or if they are late.
