ONLY if you are listed on the TITLE as co-owner can you take possession.
Yes.
If a person's name is listed on a title, that person owns the car. If a person merely cosigned the note, that person's name will not be on the title. If you own the car, you certainly can take physical possession of it.
If your vehicle is the collateral for the loan, then yes.
Collateral loans are secured loans. They depend on the ownership of a house or vehicle. Collateral loans can be very quick to obtain. If a borrower defaults on a collateral loan, the lender can take the property or vehicle that had been borrowed against.
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
Only if they are a joint title holder of the vehicle.
Normally, unless it is a sort of pawnshop or personal type of loan, you the borrower hold the collateral. For example, if you get a loan on a vehicle, you have possession of the vehicle as long as you are making payments as agreed. If you stop making the payments, the one to whom you owe the money (the lien holder) can take possession of the vehicle, sell it, and you would be responsible to pay the difference between what it is sold for and the amount you still owe, if there is a difference.
Backing a real estate mortgage involves using the property as collateral for the loan, securing it until repayment.
A co-owned vehicle can be taken into possession by either owner at anytime they wish...If the co-owner has a key to the vehicle then they can legally get in and drive the vehicle...If the co-owner does not have a key then they must have a copy of the certificate of title,the registration or other proof of ownership and then the vehicle can be towed. Also if the vehicle was manufactured in the last 12 years and the co-owner does not have a key they can take the proof of ownership to a local dealership and request a copy of that vehicles original key,then go and take possession of the vehicle.
Contact whomever holds the lien, they will allow you to make payments and take posession of said vehicle if signor has ceased to make payments. I have already contacted the lien holder and they advised me that they would not get involved with me taking possession of the vehicle. All they wanted from me were back payments. I brought the payments up to date. Now I want to get the vehicle in my possession. Unfortunately I have been unsuccessful at contacting the person I cosigned for. I've even heard that he may have moved out of Michigan. I have a copy of the Michigan registration showing myself as an owner. I am currently awaiting documentation from the state that I am on the title. What is my next step towards getting possession of the car?
Take Possession was created in 1950.
The person can pay the bill if the want, but that does not give them ownership of the car. Vehicle ownership is determined by the names that appear on the title.