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Does a cosigner need a driver's license?
You need a lisence to drive the car, but not to cosign a loan.
Does a cosigner have rights to the car even when its paid off?
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
Can your daughter be on your car insurance if you are not cosigner on her car loan?
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
If you want to take out a loan and are in the process of getting your license will you be able to take out a loan with a cosigner?
You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.
Does a cosigner for a car loan need a valid driver's license?
Most lenders will allow a co-signer to sign for a car loan without a valid driver's license. However, some form of identification will be required to prove identity of the co-signer.
What are the consequences if a cosigner on a car loan sells the car without the permission of the other cosigner?
Possible fraud charges.
Does the cosigner have to drive the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
When can cosigner attempt to sell car?
A cosigner can attempt to sell the car at anytime. However, in order for them to sell it, they have to have the other signer's signature.
Can a cosigner drive a car if they are on the title?
yes.
What happens if someone unlicsensed but a cosigner drives my car?
It's illegal to drive without a driver's license, so if they get caught, they could be arrested. Your insurance may not cover the car if you allow an unlicensed driver to drive it, so if there's an accident, you will probably have to pay for it. Basically, don't let an unlicensed driver drive your car, even if they are the co-signer.
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
