The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.
No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.
NO! He is only guaranteeing the loan. He has no legal right to take the car.
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.
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.
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.
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
Yes, the cosigner is partly responsible for the car. Therefor they can take equal ownership or ask that you refinance in your own name so they are no longer liable if you default on a payment. Remember, missing payments will hurt both of your credit histories so they have a right to protect their reputation. * A cosigner has no legal right to any property unless his or her name is on the title, nor can a cosigner force someone to refinance a loan without taking the person to court and receiving a court order directing the primary borrower to take such action.
If you owe money on a car loan or are a cosigner for a car loan, yes.
I had this very same instance come up and the police were called. They told me that as long as the payments were being made and you have proof of you making the payments on time, the cosigner has to leg to stand on when trying to take the car. So NO your cosigner can not take the car.
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.