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โˆ™ 2012-02-28 20:54:48
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Q: Do you have the right to take possession of a vehicle you cosigned when the person not making payments?
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How do I get possession of a car in Michigan that I cosigned for when the owner has stopped making payments and communicating with me?

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?

Can a cosigner in California take possession of a vehicle if the primary borrower is not making the payments in Georgia?

Only if the cosigner is also named on the vehicle title.

If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?

YES, you can include it whether the payments are current or not.

My dad cosigned for my husband 2 yrs ago on an auto loan Husband abandoned family and is not making payments as his wife can I take possession of the vehicle so my dads credit is not ruined and i pay?

No, but your father can, and then he can turn the vehicle over to you for you to register. If your father is not able to take possession of the vehicle, it would be best for him to contact the lender and provide any location information of the vehicle. Notify the lender that in the event it is repossessed that he has the desire to redeem it, but you will likely need to bring the balance current.

If you co-sign for an car loan and the car registration and insurance are in only your name and you make all of the payments and you have possession of the vehicle does the other person have any right to take the car?

You are confusing me. The primary borrower should have the registration, insurance, and possession of the vehicle, not the cosigner. I am currently going through a situation where I cosigned for a car for my sister. Due to her lack of making payments, I have hired an attorney to try to obtain possession of the vehicle. Both her and I are listed on the registration/title as 'or'. She has possession of the vehicle, the registration (which I obtained a copy of from the Motor Vehicle Office) and carries the insurance. My attorney tells me although I am on the title, registration, and loan, in oder to 'take' the car I have to go to court and have the judge issue a Writ of Possession. This being the case, depending on your state laws (I am in Florida), the other person would likely have to go to court to get the Writ of Possession to take the vehicle from you. I have learned the hard way (I am quite jaded because of this experience) the person who has the car in their possession has most of the rights - regardless of who is making the payments. Hope this helps. DON'T EVER CO-SIGN FOR A CAR FOR ANYBODY NO MATTER WHAT!!! PLEASE LEARN FROM MY MISTAKES!!!

How do you get a co-buyer off of a car loan if they are in default?

You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.

How do you go about getting a car back that you cosigned for if the other person is not making payments?

CALL THE LENDER. They can advise you and work with you.

Can you put a lain on a property if you cosigned and are making the payments?

Call your banker ASAP. Explain the situation and ask for advice.

You cosigned to a car loan with an ex and now he's not making payments and he's out of the state?

The finance company will be coming to you for payments...even if he has the car. They will send repo men after the vehicle as well. Good luck. Never EVER co-sign for anyone.

Who holds the collateral in a loan with collateral?

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.

If someone stops making payments on their car loan and you are the cosigner and your name is also on the title can you pay the loan off and take possession of the vehicle?

Possibly. Contact an attorney for a definite answer.

How can a co-buyer take possession of a truck when the primary borrower is not making the payments?

When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.

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